Fun

News Feed - 2023-10-05 05:10:15

Prashant Jha46 minutes agoHong Kong crypto VC opens $100M fund for Asian blockchain startupsThe “Titan Fund” has already made five investments in different blockchain startups, with two going toward Hong Kong-based projects.330 Total views6 Total sharesListen to article 0:00NewsJoin us on social networksHong Kong-based crypto-focused venture capital (VC) firm CMCC Global has raised $100 million to support Asian blockchain startups. 


The crypto fund, called Titan Fund, closed its inaugural funding round on Oct. 4, with participation from 30 investors, including blockchain company Block.one, Hong Kong tycoon Richard Li’s Pacific Century Group, Winklevoss Capital, Jebsen Capital and Animoca Brands founder Yat Siu, the South China Morning Post reported.


Titan Fund will concentrate on investments in key areas: blockchain infrastructure, consumer applications like gaming and nonfungible tokens (NFTs), and financial services, including exchanges, wallets and platforms for lending and borrowing.


The crypto fund from CMCC Global will be its fourth to offer equity investments to early-stage blockchain startups with Hong Kong in focus. The fund has already made five investment rounds, with two going toward Hong Kong-based startups.


The two Hong Kong startups are Mocaverse, an NFT project launched in December 2022 by Hong Kong blockchain firm Animoca Brands that raised $20 million in September, and Terminal 3, a Web3 data infrastructure startup.


The $100 million crypto venture fund comes amid a drought of crypto funding during the bear market and since the FTX collapse. According to data from Pitchbook, the value of global venture capital investments in crypto firms declined by 70.9% year-on-year, while the number of deals fell by 55%. This starkly contrasts the bull market when crypto-based startups raised billions, and the crypto ecosystem saw a new unicorn every other month.


Related:US ‘the only country’ crypto startups should avoid, says Ripple CEO


The crypto VC fund launch in Hong Kong also signifies the city’s growing prominence as a safe crypto harbor. Titan Fund managing director Yen Shiau Sin said a crackdown on crypto in the United States means Asian firms are beneficiaries, as “projects are thinking of coming here talking to us.”


Hong Kong announced a shift in its crypto policy in October 2022, with the government making it clear it would focus on building regulation to encourage Web3. The regulators doubled down on the policy shift and formulated pro-crypto regulations, making way for regulated crypto exchanges and even opening up services to retail customers.


Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Are DAOs overhyped and unworkable? Lessons from the front lines# Blockchain# Hong Kong# Funding# Venture Capital# AdoptionAdd reactionAdd reactionRead moreWho invented NFTs?: A brief history of nonfungible tokensHow the actor model could enable better blockchain gaming appsCrypto VC: Token investing and the next bull run with Digital Wave Finance

News Feed

$1B of US Treasurys tokenized, Base TVL doubles in a month: Finance Redefined
Prashant Jha4 hours ago$1B of US Treasurys tokenized, Base TVL doubles in a month: Finance RedefinedThe real-world asset tokenization trend is heating up, fueled by BlackRock’s first tokenized asset fund, “BUIDL,”
Mark Cuban speculates Bitcoin may become a global reserve asset
Vince Quill4 hours agoMark Cuban speculates Bitcoin may become a global reserve assetThe entrepreneur and investor has a net worth of $5.4 billion as of 2024 and is no stranger to the world of digital assets.3129 Total v
Holding Bitcoin now profitable 99.92% of all days
Arijit Sarkar12 hours agoHolding Bitcoin now profitable 99.92% of all daysBitcoin purchased between March 9–13 and March 25–29 is currently at a loss, representing 0.16%, or just six days in the last 3,732 tradable d
Biggest Movers: SOL 11% Higher, BCH Hits Strongest Point Since July 
Biggest Movers: SOL 11% Higher, BCH Hits Strongest Point Since July  Solana rose by as much as 11% to start the week, as the token moved higher for a fourth consecutive session. M
Ethereum Price Crash To $2,100 Triggers Fear, But Why Are Analysts Predicting A Rally To $6,000?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Dominance Slides Below 40% for First Time in 6 Months
Bitcoin Dominance Slides Below 40% for First Time in 6 Months During the last week, the price of bitcoin has been hovering below the $60K range and digital currency advocates are w
Nigeria’s government is blaming Binance for its own mismanagement
Nicholas Anthony7 hours agoNigeria’s government is blaming Binance for its own mismanagementNigeria"s currency is collapsing because of financial mismanagement. Now, two Binance employees have been entangled in the gov
US Startup Raising $10 Million for Private Jets You Can Lease With Crypto
Jet Token is raising up to $10 million in a Regulation A offering for its ethereum-powered private jet leasing marketplace where travelers can pay for charters using ERC20 tokens. P
Turner Wright2 hours agoBitBoy Crypto brand will no longer include YouTuber Ben ArmstrongThe crypto influencer brand had a reach of more than 3.3 million followers at the time the company announced Ben Armstrong would no
Report Says Western Union Could Lose $400M if El Salvador’s Chivo Bitcoin Wallet Gains Traction, Tim Berners-Lee Weighs In
Report Says Western Union Could Lose $400M if El Salvador"s Chivo Bitcoin Wallet Gains Traction, Tim Berners-Lee Weighs In The Republic of El Salvador has made many headlines this
Binance CEO: Russian Ruble to Be First Fiat-Crypto Trading Option
Cryptocurrency exchange Binance is soon to launch its first fiat-to-cryptocurrency trading pairs. Speaking at the Open Innovations 2019 conference in Moscow on Monday, CEO 
Argentine Senate Mulls Crypto Advertisement Regulation
Argentine Senate Mulls Crypto Advertisement Regulation The Argentine senate is discussing a preliminary project that would regulate the way in which individuals and organizations p