CMCC Global, a prominent venture capital firm specializing in crypto and blockchain, has recently secured US$100 million for its newly inaugurated Titan Fund. With a primary focus on nurturing early-stage Web3, startups will play a key role, especially in those rooted in Asia and Hong Kong.
The inaugural funding round, which concluded successfully last Wednesday, attracted the support of over 30 investors who enthusiastically joined the initiative. Block.one, Pacific Century Group, Winklevoss Capital, Jebsen Capital, and the esteemed founder of Animoca Brands, Yat Siu, are among the contributors.
CMCC Global’s vision for the Titan Fund will initially focus on the thriving tech ecosystem of Hong Kong, with plans to subsequently expand into other key Asian hubs and eventually reach a global scale.
Martin Baumann has revealed that prominent contributors to the Titan Fund include Winklevoss Capital, the venture led by the Winklevoss twins renowned for their involvement in the Gemini cryptocurrency exchange, and Animoca Brands, a significant player in the blockchain and gaming sectors.
Baumann expressed a deep affinity for the city of Hong Kong and emphasized its vast potential as a hub for fintech innovation. Notably, among the Titan Fund’s initial five investments, two have been strategically directed toward promising Hong Kong-based enterprises.
One of these notable ventures is Mocaverse, a captivating non-fungible token (NFT) initiative launched by Animoca Brands, which raised US$20 million in funding this September. Additionally, Titan Fund extended its support to Terminal 3, an emerging Web3 data infrastructure startup, by providing pre-seed funding as it embarks on its journey to reshape data services landscape in the blockchain sector.
Yen Shiau Sin, the managing partner of Titan Fund, shed light on the evolving landscape of the cryptocurrency industry, particularly in the United States. He emphasized that the recent crackdown on cryptocurrencies in the U.S. has triggered potential benefits for Asian companies.
This shift has prompted numerous projects to contemplate relocation and explore collaborative opportunities with Asian counterparts. The resilient nature of the Asian market and its openness to blockchain innovation have made it an appealing destination for crypto ventures seeking stability and growth amid regulatory changes.
The primary focus areas for Titan Fund encompass critical segments of the blockchain ecosystem, including blockchain infrastructure, consumer applications such as gaming and non-fungible tokens (NFTs), and an array of financial services encompassing exchanges, wallets, and lending platforms.
Si Yat Siu, the Chairman of Animoca Brands and recipient of one of CMCC Global’s initial investments for his Mocaverse project stated, “The Titan Fund is poised to accelerate Web3 innovation, not only in Hong Kong but also on a broader scale. CMCC Global and their team are renowned for their steadfast commitment to identifying and supporting pioneering innovators at an early stage.”