CMCC Global Ready To Disburse IDR 1.5 Trillion Funds For Startup Blockchain Rintisan In Asia

The venture capital firm CCMC Global disbursed funds for the startup blockchain company. (Photo; Doc. Ugtechmag)

JAKARTA - CMCC Global, a venture capital firm (VC) focused on the crypto world, has announced the launch of the US$100 million Titan Fund (Rp1.5 trillion). The fund will be used to invest equity in early-stage blockchain startups in Asia, particularly in Hong Kong.

In the first funding round, Titan Fund managed to attract more than 30 investors, including Block.one,hubunganvoss Capital, Jebsen Capital, Yat Siu (Animoca Brands founder), and Richard Li from Pacific Century Group.

CMCC Global will focus on three key sectors in the blockchain industry, namely blockchain infrastructure, consumer applications, and financial services. They will support startups that improve blockchain network technology, game projects, metaverses, and non-fungible tokens (NFTs) in the consumer application sector. In the field of financial services, they will support businesses such as digital asset trading platforms and fund lending platforms.

To date, CMCC Global has invested in five companies, including an NFT project called Mocaverse that managed to raise $20 million in the previous funding round.

This announcement reflects that Hong Kong is increasingly becoming an eye-catching crypto paradise, especially amid the United States' latest crackdown on the crypto industry. CMCC Global sees great potential in Hong Kong as a center of fintech innovation and is committed to supporting companies exploring the country.

Although the crypto industry has experienced a decline in venture capital funding due to the continued bear market, CMCC Global remains optimistic in supporting the development of the blockchain and crypto ecosystem in Asia.