1 year ago
The crypto fund, named Titan Fund, has already made 5 investments successful antithetic blockchain startups with 2 going toward Hong Kong-based projects.
Hong Kong-based crypto-focused task superior steadfast CMCC Global has raised $100 cardinal aimed astatine supporting Asian blockchain startups.
The crypto fund, called Titan Fund, closed its inaugural backing circular connected Oct. 4 having seen information from 30 investors including blockchain institution Block.one, Hong Kong tycoon Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital and Animoca Brands laminitis Yat Siu, the South China Morning Post reported.
Titan Fund volition ore connected investments successful 3 cardinal areas namely blockchain infrastructure, user applications similar gaming and non-fungible tokens (NFTs), and fiscal services including exchanges, wallets, and platforms for lending and borrowing.
The crypto money from CMCC Global volition beryllium its 4th to connection equity investments to early-stage blockchain start-ups with Hong Kong successful focus. The money has already made 5 concern rounds, with 2 of these investments going toward Hong Kong-based startups.
The 2 Hong Kong startups see Mocaverse, an NFT task launched successful December 2022 by Hong Kong blockchain steadfast Animoca Brands that raised US$20 cardinal successful September. Before that, successful August, the Titan money participated successful the pre-seed backing circular for Terminal 3, a Hong Kong-based Web3 information infrastructure start-up.
The $100 cardinal crypto task money comes amid the drought of crypto backing related to the carnivore marketplace and FTX collapse. According to information from Pitchbook, the worth of planetary task superior investments successful crypto firms declined by 70.9% year-on-year, portion the fig of deals fell by 55%. This is successful stark opposition to the bull marketplace erstwhile crypto-based startups raised millions and the crypto ecosystem saw a caller unicorn each different month.
Related: US ‘the lone country’ crypto startups should avoid, says Ripple CEO
The crypto VC money motorboat successful Hong Kong besides signifies the city’s increasing prominence arsenic a harmless crypto harbor. Titan Fund managing manager Yen Shiau Sin said that a crackdown connected crypto successful the U.S. means that Asian firms are beneficiaries, arsenic “projects are reasoning of coming present talking to us”.
Hong Kong announced a displacement successful its crypto argumentation successful October past year, with the authorities making it wide they would absorption connected gathering regularisation to promote Web3. The regulators doubled down connected the argumentation displacement and formulated pro-crypto regulations making mode for regulated crypto exchanges and adjacent opening up services to retail customers.
Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.
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