Hong Kong-based venture capital firm CMCC Global has taken a major step into the blockchain sector. The crypto-focused company has completed a $100 million investment round to support blockchain startups operating in the Asian region. The legal regulations regarding the crypto market in Hong Kong continue to support the city’s crypto market and attract the interest of entrepreneurs.
According to local news source South China Morning Post, the crypto fund named Titan Fund was announced with the participation of several important companies. The opening financing round was completed on October 4th with the participation of 30 investors, including Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu.
Titan Fund will focus particularly on the staking area and diversify its investments in blockchain infrastructure services, gaming, consumer applications in the NFT field, and platforms such as exchanges, wallets, and lending platforms. This fund by CMCC Global will be the fourth fund to invest in Hong Kong-based blockchain ventures. So far, the fund has held five investment rounds, two of which targeted Hong Kong-based ventures.
Hong Kong-based blockchain ventures have achieved many successes so far. Examples include Mocaverse, an NFT project launched by Animoca Brands in December 2022, which raised $20 million in September, and Terminal 3, a Web3 data infrastructure initiative.
The fund will begin its investments with $100 million capital during a time when the market is experiencing a serious crisis. According to data from blockchain analysis firm Pitchbook, global investments in crypto companies decreased by 70.9% compared to the previous year.
The fund launch in Hong Kong has made a significant impact on the city’s crypto markets and positioned it as a safe haven for everyone. According to Yen Shiau Sin, the general manager of Titan Fund, the pressure on crypto in the United States has benefited Asian companies. Sin also added that entrepreneurs prefer Hong Kong.
Hong Kong announced a legal change regarding the crypto market in October 2022. The government clearly stated that it would focus on creating legal regulations to promote Web3. The regulators in the country embraced the policy change and implemented crypto-friendly regulations, ensuring the freedom of centralized crypto exchanges.