CMCC International, a Hong Kong-based blockchain-focused enterprise capital fund, introduced Wednesday that it raised US$100 million to launch the “Titan Fund.”
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- CMCC’s new Titan Fund will spend money on early-stage blockchain startups alongside the verticals of infrastructure, fintech and shopper functions comparable to gaming, metaverse and NFTs.
- The fund’s anchor investor was software program agency Block.one, which dedicated US$50 million, whereas CMCC participated within the elevate with a 15% normal associate dedication. Different notable traders embody the Winklevoss Capital, Animoca Manufacturers, Richard Li’s Pacific Century Group, and private investments from notable figures like Yat Siu.
- “The Titan Fund will speed up Web3 innovation in Hong Kong and past. CMCC International and their crew are identified to be conviction-driven traders which have recognized quite a few breakthrough innovators early on,” mentioned Siu, the chairman of Animoca Manufacturers, who obtained one of many first investments from CMCC through a warehouse deal into his Mocaverse venture.
- The fund’s launch and operations will probably be led by Yen Shiau Sin, CMCC’s new managing associate, who beforehand served as director of strategic investments at Block.one.
- Bitcoin is 59% beneath its all-time excessive of US$68,875 and the financial downturn has been inflicting hardships for a lot of crypto corporations. New York-based blockchain intelligence agency Chainalysis reportedly axed 150 staff this week, almost a month after Binance.US introduced slicing one-third of its workforce.
- “Whereas unfavorable information tales surrounding occasions just like the FTX blow and the JPEX case dominate headlines, there are extremely progressive firms quietly constructing the way forward for Web3 with out a lot publicity,” Charlie Morris, CMCC co-founder advised Forkast.
- “Our new Titan Fund seems to be to assist these firms and we see it as a good time to be doubling down on our mission to speed up innovation in blockchain know-how and the digital asset ecosystem.”
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(Replace provides remark from Morris)