CMCC Global Raises $100M for Hong Kong-Based Blockchain Companies

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 Titan Fund, as it is called, will make early-stage investments in companies across Web3 sectors such as gaming, the metaverse and non-fungible tokens (NFTs), according to an emailed announcement on Wednesday. State Street will serve as the fund’s administrator and EY as its auditor.

The lead investor in the fund was Block.one (B1), which committed $50 million, alongside Richard Li’s Pacific Century Group, Winklevoss Capital (Tyler and Cameron Winklevoss’ firm) and Animoca Brands founder Yat Siu. B1 will also become a minority shareholder in CMCC Global’s holding entity.

Hong Kong has re-established itself as a crypto hub following the creation of a new regulatory regime which came into effect in June, making it an attractive destination for investment from the major VC players in the broader blockchain industry.