Blockchain-focused venture capital firm CMCC Global has raised $100 million for a new fund that will invest in Hong Kong-based Web3 companies.
The new fund, called the Titan Fund, will invest in early-stage companies in Web3 sectors such as gaming, metaverse and non-fungible tokens (NFTs). State Street will be the administrator of the fund and EY will be the auditor.
The fund's lead investor was Block.one (B1), which committed $50 million, along with Richard Lee's Pacific Century Group, Winklevoss Capital (the firm of Tyler and Cameron Winklevoss) and Animoca Brands founder Yat Siew. B1 will also become a minority shareholder in the CMCC Global holding.
Hong Kong has reasserted its status as a crypto hub following the creation of a new regulatory framework that came into force in June, making it an attractive investment destination for major venture capital players in the wider blockchain industry.
The new fund, called the Titan Fund, will invest in early-stage companies in Web3 sectors such as gaming, metaverse and non-fungible tokens (NFTs). State Street will be the administrator of the fund and EY will be the auditor.
The fund's lead investor was Block.one (B1), which committed $50 million, along with Richard Lee's Pacific Century Group, Winklevoss Capital (the firm of Tyler and Cameron Winklevoss) and Animoca Brands founder Yat Siew. B1 will also become a minority shareholder in the CMCC Global holding.
Hong Kong has reasserted its status as a crypto hub following the creation of a new regulatory framework that came into force in June, making it an attractive investment destination for major venture capital players in the wider blockchain industry.