{"id":68793,"date":"2023-10-04T18:24:03","date_gmt":"2023-10-04T22:24:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/cmcc-global-splashes-100-million-on-blockchain-fund-focused-on-asian-startups\/"},"modified":"2023-10-04T18:24:06","modified_gmt":"2023-10-04T22:24:06","slug":"cmcc-global-splashes-100-million-on-blockchain-fund-focused-on-asian-startups","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68793","title":{"rendered":"CMCC Global Splashes $100 Million on Blockchain Fund Focused on Asian Startups"},"content":{"rendered":"
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Asia-based blockchain venture capital (VC) firm CMCC Global has announced the launch of its Titan Fund, committing $100 million to support blockchain startups in the region.<\/p>\n

Founded in 2016, CMCC Global is one of the first Asian VC firms focused solely on the blockchain ecosystem.<\/p>\n

As announced on its official X (formerly Twitter) page, the firm revealed that the fund\u2019s first focus region will be Hong Kong before expanding to other Asian hubs and, by extension, the world.\u00a0<\/p>\n

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However, CMCC Global is not the sole investor in the Titan Fund.\u00a0<\/p>\n

According to an\u00a0update\u00a0shared with the South China Morning Post (SCMP) by co-founder Martin Baumann, Winklevoss Capital, owned by Gemini\u2019s Winklevoss Twins and Animoca Brands, are also principal contributors to the blockchain fund.\u00a0<\/p>\n

Other investors like Block.one, Pacific Century Group, Jebsen Capital, and 30 others are also key players in the Titan Fund.\u00a0<\/p>\n

Shedding light on its next steps, Baumann stated that the blockchain fund will offer equity investments in early-stage blockchain infrastructure companies, consumer applications, and crypto financial services.<\/p>\n

CMCC Global has been a key player in the crypto VC landscape for several years.\u00a0<\/p>\n

The investment firm has strong ties with fellow Hong Kong-based crypto firm Animoca Brands. It recently participated in a $20 million investment round on a newly acquired non-fungible token (NFT) ecosystem called Mocaverse.\u00a0<\/p>\n

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The VC company also participated in a pre-seed funding round for Web3-focused services firm Terminal 3 in August 2023.\u00a0<\/p>\n

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When quizzed on how much of the $100 million will be deployed in Hong Kong, Baumann said the figure is not set in stone yet.\u00a0<\/p>\n

Instead, its strong connection with the Asian region has made it kick off its new fund operation there instead of in another place.<\/p>\n

Despite being an Asia-first VC firm, CMCC Global has continued to expand its global roadmap. The company now runs its operations in North America and Europe.<\/p>\n

VC Funding Dropped by 70%\u00a0<\/h2>\n

Globally, the amount of capital injected into crypto-facing businesses has drastically dropped.\u00a0<\/p>\n

According to a dashboard created by\u00a0RootData, the amount of investments flowing into the crypto space dwindled by 70% over a 365-day roadmap.\u00a0<\/p>\n

Providing context, RootData stated that VC funding dropped from $1.8 billion-plus in 149 rounds in June 2022 to only $520 million generated by only 83 projects in June 2023.<\/p>\n

More\u00a0recent data\u00a0shows that 166 investment rounds worth $1.69 billion have been made in the last 90 days. However, this figure reflects a 10.2% decline compared to the corresponding period in the previous year.<\/p>\n

The declining interest in the cryptocurrency sector cannot be attributed to a lack of innovation. Rather, it stems from the stringent regulatory climate and subsequent market downturns that have hit the nascent industry.<\/p>\n

While numerous governments globally have become increasingly cautious, the Hong Kong government took a different approach by revising its stance in October 2022.\u00a0<\/p>\n

Following this change, a rising number of crypto businesses facing opposition in their home countries have chosen to relocate there.<\/p>\n<\/p><\/div>\n