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Hong Kong crypto VC opens $100M fund for Asian blockchain startups

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Hong Kong-based crypto-focused enterprise capital (VC) agency CMCC International has raised $100 million to assist Asian blockchain startups. 

The crypto fund, known as Titan Fund, closed its inaugural funding spherical on Oct. 4, with participation from 30 traders, together with blockchain firm Block.one, Hong Kong tycoon Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital and Animoca Manufacturers founder Yat Siu, the South China Morning Publish reported.

Titan Fund will focus on investments in key areas: blockchain infrastructure, shopper functions like gaming and nonfungible tokens (NFTs), and monetary companies, together with exchanges, wallets and platforms for lending and borrowing.

The crypto fund from CMCC International might be its fourth to supply fairness investments to early-stage blockchain startups with Hong Kong in focus. The fund has already made 5 funding rounds, with two going towards Hong Kong-based startups.

The 2 Hong Kong startups are Mocaverse, an NFT mission launched in December 2022 by Hong Kong blockchain agency Animoca Manufacturers that raised $20 million in September, and Terminal 3, a Web3 knowledge infrastructure startup.

The $100 million crypto enterprise fund comes amid a drought of crypto funding through the bear market and for the reason that FTX collapse. In accordance with knowledge from Pitchbook, the worth of worldwide enterprise capital investments in crypto corporations declined by 70.9% year-on-year, whereas the variety of offers fell by 55%. This starkly contrasts the bull market when crypto-based startups raised billions, and the crypto ecosystem noticed a brand new unicorn each different month.

Associated: US ‘the only country’ crypto startups should avoid, says Ripple CEO

The crypto VC fund launch in Hong Kong additionally signifies the town’s rising prominence as a secure crypto harbor. Titan Fund managing director Yen Shiau Sin stated a crackdown on crypto in the USA means Asian corporations are beneficiaries, as “initiatives are pondering of coming right here speaking to us.”

Hong Kong introduced a shift in its crypto coverage in October 2022, with the federal government making it clear it could concentrate on constructing regulation to encourage Web3. The regulators doubled down on the coverage shift and formulated pro-crypto rules, making means for regulated crypto exchanges and even opening up services to retail customers.

Collect this article as an NFT to protect this second in historical past and present your assist for impartial journalism within the crypto area.

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