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Hong Kong crypto firm launches $100 million fund aimed at Asia startups: report

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Crypto-focused venture capital firm CMCC Global has raised $100 million for a new fund to back startups in Asia’s blockchain sector, according to a report from the South China Morning Post. 

More than 30 investors including Winklevoss Capital and Animoca Brands founder Yat Siu are backing the new fund dubbed Titan Fund, the firm’s co-founder Martin Baumann told SCMP. Other investors in the fund include Block.one, Richard Li’s Pacific Century Group and Jebsen Capital. 

The fund plans to inject capital into three investment categories including blockchain infrastructure, consumer applications and crypto financial services. 

Hong Kong’s web3 embrace

“If Hong Kong continues on its route of embracing web3, there will naturally be more and more entrepreneurs starting companies in that space,” Baumann told SCMP. “And we can be their first capital.”

The raise’s announcement comes as Hong Kong stages a crypto comeback.

The city, which historically has been the home for crypto giants like BitMEX and Alameda Research, has reportedly been working with China to make the city a potential breeding ground for new crypto innovation; in August, it approved licenses for HashKey Exchange and OSL to offer crypto trading services to retail traders, according to Nikkei.

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