CoinShares opens hedge fund targeting expansion outside Europe, bridging traditional finance with digital assets amid regulatory challenges.
- The fund attracted support from over 30 investors, notably Winklevoss Capital and Yat Siu, the founder of Animoca Brands.
- The Titan Fund aims to direct its investments toward blockchain infrastructure, consumer-oriented applications such as gaming, NFTs, and a spectrum of financial services.
Hong Kong Crypto Firm Launches $100 Million Fund Aimed at Asia Startups
CMCC Global, a Hong Kong-based crypto-centric venture capital firm, has secured $100 million in funding to boost blockchain ventures across Asia.
The Titan Fund successfully wrapped up its initial funding phase on October 4, drawing backing from 30 investors.
This list of supporters includes blockchain enterprise Block.one, Pacific Century Group led by Hong Kong magnate Richard Li, Winklevoss Capital, Jebsen Capital, and Yat Siu, founder of Animoca Brands.
The Titan Fund aims to direct its investments toward blockchain infrastructure, consumer-oriented applications such as gaming, NFTs, and a spectrum of financial services like exchanges, lending and borrowing platforms, and wallets.
This initiative by CMCC Global represents their fourth venture aimed at nurturing early-stage blockchain startups, predominantly focusing on Hong Kong.
The fund has been proactive, with five investments already made and two directed specifically at Hong Kong ventures.
The Hong Kong beneficiaries include Mocaverse, an NFT initiative by Animoca Brands, and Terminal 3, a startup centered around Web3 data infrastructure.
Despite declining crypto financing following the bear market and the FTX downfall, CMCC Global’s ambitious move signals renewed momentum.
New Crypto Hub Amid Slump
Pitchbook data shows a drastic 70.9% YoY drop in global crypto venture capital investments and a 55% decrease in deals.
This starkly contrasts the preceding bull market when crypto-focused ventures attracted billions.
Furthermore, this move underscores Hong Kong’s ascending status as a crypto-friendly hub.
Titan Fund’s managing director, Yen Shiau Sin, commented on the U.S. crypto crackdown, suggesting it allows Asian firms with many projects to consider partnering with us.
Hong Kong’s regulatory stance on crypto underwent a significant shift in October 2022. The city-state emphasized regulations that would foster Web3 growth.
This proactive approach has paved the way for sanctioned crypto exchanges and even allowed services for everyday consumers.
Hong Kong’s Shift Toward Web3
Hong Kong has recently become one of the most important crypto hubs in the world.
The city is poised to become the world’s leading crypto city with numerous young entrepreneurs and favorable regulations.
“As Hong Kong steadily adopts web3, we expect an increasing number of entrepreneurs to venture into this domain.We aim to be their initial source of capital.”Martin Baumann, Titan Fund’s Co-Founder
Historically, crypto powerhouses like BitMEX and Alameda Research have called the city home.
Recent reports suggest that in collaboration with China, Hong Kong envisions itself as a hub for fresh crypto advancements.
Notably, licenses were granted to HashKey Exchange and OSL in August, allowing them to facilitate crypto trading for individual investors.
Do you think Hong Kong will be the first city to adopt crypto fully?