Asia-centric blockchain venture capital firm CMCC Global has announced the launch of a new $100 million fund called Titan to invest in early-stage crypto startups, focusing first on Hong Kong before expanding across Asia.
Founded in 2016, CMCC Global was one of the first dedicated blockchain investment firms in Asia and has backed over 100 companies to date.
Betting on Asia’s Crypto Innovation
According to CMCC Global’s announcement, the Titan Fund will provide equity investments to promising blockchain companies worldwide, starting with a focus on Hong Kong and Asian hubs before extending globally.
In addition to CMCC Global, major backers of the $100 million fund include U.S. crypto exchange Gemini’s venture arm Winklevoss Capital and blockchain gaming firm Animoca Brands.
Despite declining broader crypto VC activity, CMCC Global remains bullish on Asia’s potential as a rising hub for blockchain innovation. The firm cited strong local ties as a key reason for anchoring the new fund in Hong Kong first before anywhere else.
Expanding Presence Across Regions
While focused on Asia, CMCC Global has increasingly expanded its geographic presence in recent years, now spanning North America, Europe, and key Asian markets.
The firm has an extensive portfolio of over 100 crypto companies and has led funding rounds for prominent names like Anchorage, Fireblocks, and Animoca Brands.
CMCC Global also holds close ties with Hong Kong-based Animoca, recently joining its $20 million raise for acquired NFT platform Mocaverse.
Overall Crypto VC Funding Slumps
CMCC Global’s ambitious new investment vehicle comes even as crypto VC funding has plunged 70% over the last year, per data from insights firm RootData.
But the firm envisions a bright future for thoughtful blockchain projects despite tightening market conditions. By taking a global strategy anchored in Asia’s key crypto hubs, CMCC Global aims to unearth the next generation of category leaders.