The fourth Titan Fund, worth $100 million, has been introduced by CMCC Global. Given that Hong Kong has been going through a bit of a crypto winter with investors, this says a lot. The fund oversaw an investment in Mocaverse, a brand that Animoca Brands debuted in December of last year. The investment round included more than 30 investors, including Winklevoss Capital and Jebsen Capital, to name a couple.
Beginning today, CMCC Global will support early-stage start-ups across Asia. It encompasses a broad range of consumer applications, financial services, and blockchain infrastructure. The cryptosphere in Hong Kong almost disintegrated last year when businesses started to stop offering their services. The policies were said to be unfavourable or ambiguous as the explanation. Pandemic limitations that were too tight made crypto ventures even more anxious.
The region is adopting Web3 like nowhere else on the planet, but Hong Kong made a transition by introducing clear rules in support of the industry. The change in policy took effect in October 2022. It mainly consisted of the authorization given to cryptocurrency projects to expand their reach to retail traders.
Start-ups are confident that Hong Kong will retain the momentum of embracing Web3, even though JPEX has left a fresh bruise.
An NFT project called Mocaverse debuted in December. In September, Animoca Brands raised $20 million. This came after a pre-seed investment round in August. The startup Terminal 3, which deals with Web3 data infrastructure, was specifically targeted for funding.
Co-founder of CMCC Global Martin Baumann has discussed the Titan Fund. By stating that the Fund does not necessarily have a rigid mandate for the amount of cash that should be provided to enterprises in Hong Kong, Martin has put the matter to rest. Martin, a company founded in 2016 in Hong Kong, has stated that they have a natural connection to the area and that they think Hong Kong has a lot to offer. Baumann has added that their goal is to support the world’s top businesspeople.
A feeling of trust is there in CMCC Global. Martin thinks that encouraging cryptocurrency businesses in their early phases will help more start-ups succeed.
Another factor is the US, where the SEC and other relevant agencies continue to take action against cryptocurrency projects. They are probably going to do business in Hong Kong, which will help Asian companies.
Even while everything seems exciting, it is still challenging and risky to raise money in the current climate. The bankruptcy of FTX marked a turning point for the whole sector. The majority of users lost faith in digital assets. The fact that the value of worldwide venture capital investment has declined by 70.9% on an annual basis further supports this. Likewise, the quantity of transactions fell by 54.5% in the second quarter of this year.