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CMCC International, a Hong Kong-based blockchain-focused enterprise capital fund, introduced Wednesday that it raised US$100 million to launch the “Titan Fund.”
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CMCC’s new Titan Fund will put money into early-stage blockchain startups alongside the verticals of infrastructure, fintech and shopper functions comparable to gaming, metaverse and NFTs.The fund’s anchor investor was software program agency Block.one, which dedicated US$50 million, whereas CMCC participated within the increase with a 15% common associate dedication. Different notable traders embody the Winklevoss Capital, Animoca Manufacturers, Richard Li’s Pacific Century Group, and private investments from notable figures like Yat Siu.“The Titan Fund will speed up Web3 innovation in Hong Kong and past. CMCC International and their group are identified to be conviction-driven traders which have recognized quite a few breakthrough innovators early on,” stated Siu, the chairman of Animoca Manufacturers, who obtained one of many first investments from CMCC through a warehouse deal into his Mocaverse undertaking.The fund’s launch and operations will likely be led by Yen Shiau Sin, CMCC’s new managing associate, who beforehand served as director of strategic investments at Block.one.Bitcoin is 59% beneath its all-time excessive of US$68,875 and the financial downturn has been inflicting hardships for a lot of crypto corporations. Blockchain intelligence agency Chainalysis reportedly axed 150 staff on this week, practically a month after Binance.US introduced reducing one-third of its workforce.
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