Hong Kong-based venture capital firm CMCC Global Asset Management has launched a fund focused on Web3 infrastructure. Investors include Winklevoss Capital and Jebsen Capital, reports the South China Morning Post.
The structure of the Titan Fund is focused on investing in early-stage blockchain startups with a focus on the following areas:
- infrastructure;
- gaming services;
- NFT platforms;
- financial applications and exchanges;
- wallets;
- crypto lending.
Other fund participants include Block.one, Pacific Century Group and Animoca Brands founder Yat Siu.
Of the five investment targets, two are in Hong Kong companies, noted Martin Baumann, co-founder of CMCC Global.
“If Hong Kong continues on the path to Web3 adoption, there will naturally be more and more entrepreneurs opening companies in this field,” he added.
Titan Fund Managing Partner Yen Shiau Sin expressed the view that Asian firms will benefit from the unfavorable state of affairs in the US crypto industry.
However, according to Baumann, raising funds in the current environment is “extremely difficult.” The new fund from CMCC Global comes at a time when investments in the cryptocurrency sector have dried up after a series of bankruptcies and the collapse of the FTX exchange.
According to PitchBook, global venture capital investment in blockchain companies fell 70.9% year over year in the second quarter. The total number of transactions decreased by 54.5%.
Baumann stressed that trading platforms will not become the main focus of the fund’s activities.
“I think there are enough exchanges in the world and they are well capitalized,” the co-founder added.
Founded in 2016, CMCC Global Asset Management was an early investor in the Solana, Cosmos and Terra projects.
In 2021, the firm began raising funds for a crypto fund with $300 million in assets.
Let’s remember that in September CMCC Global led the financing round of the Mocaverse metaverse project from Animoca Brands.
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