CMCC Global Splashes $100 million on Blockchain start-ups in Asia

Asia-focused blockchain venture capital firm CMCC Global recently announced the launch of its new $100 million Fun to support blockchain startups in the region.
CMCC Global Splashes $100 million on Blockchain start-ups in Asia
CMCC Global Splashes $100 million on Blockchain start-ups in Asia

The $100 million Fund will promote blockchain firms in the region, according to CMCC Global, a blockchain venture capital firm with a focus on Asia.

One of the first Asian venture capital firms with a blockchain ecosystem focus was CMCC Global, which was established in 2016.

The business said the fund would initially concentrate on Hong Kong before extending to other Asian centers and eventually the entire world, according to a post on its X (formerly known as Twitter). The Titan Fund has other investors besides CMCC Global, though.

We are happy to announce the opening of our Titan Fund, which has raised $100 million in the United States to help blockchain entrepreneurs in Hong Kong and around the world!

The Winklevoss twins of Gemini’s Winklevoss Capital and Animoca Brands are also significant backers, according to co-founder Martin Baumann, who spoke with the South China Morning Post.

The fund also includes significant contributions from 30 additional renowned investors, including Block.one, Pacific Century Group, Jebsen Capital, and others. According to Baumann, the blockchain fund will give equity investments to startup infrastructure firms, consumer applications, and cryptocurrency financial services.

CMCC Global has a long history as a significant cryptocurrency venture capital firm. The company recently participated in a $20 million fundraising round for Animoca’s recently acquired NFT platform Mocaverse, demonstrating its tight ties to fellow Hong Kong cryptocurrency company Animoca Brands.

Baumann responded that the sum was still up for discussion when asked specifically how much of the $100 million would be used in Hong Kong. He cited the company’s close relationships to Asia as the reason it decided to launch the new fund there before doing so elsewhere.

Despite having a concentration on Asia, CMCC Global has continued to grow internationally and now has operations in both North America and Europe. The amount of money invested in crypto-related enterprises, however, has dramatically decreased globally.

Screenshot 9
Source RootData

A dashboard from RootData shows that over a 365-day period, venture capital funding to the cryptocurrency business decreased by 70%.

In order to put things into perspective, RootData reported that VC investments decreased from nearly $1.8 billion across 149 rounds in June 2022 to approximately $520 million produced from only 83 projects in June 2023.

More From The Kangaroo Times

Total
0
Shares
Related Posts
Total
0
Share