A new fund with investments in Hong Kong-based Web3 startups has been established by blockchain-focused venture capital firm CMCC Global with $100 million in funding.The Titan Fund, as it is known, will invest in startups in Web3 industries like gaming, the metaverse, and non-fungible tokens (NFTs), according to a Wednesday email statement.The fund will be overseen by State Street, with EY acting as its auditor.
Block.one (B1), Richard Li’s Pacific Century Group, Winklevoss Capital (the company run by Tyler and Cameron Winklevoss), and Yat Siu, the creator of Animoca Brands, all contributed $50 million as the fund’s primary investors.B1 will also take a minority ownership position in the holding company of CMCC Global.
Following the development of a new legislative framework that took effect in June, Hong Kong has reestablished itself as a crypto hub, making it an appealing location for investment from the big VC players in the broader blockchain business.