CMCC Global raises $100 million for its Web3 investments

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CMCC Global raises $100 million for its Web3 investments

CMCC Global, a venture capital firm focused on blockchain, has raised $100 million for a new fund that will invest in Hong Kong-based Web3 companies.

According to an emailed statement on Wednesday, the Titan Fund will make early-stage investments in companies across Web3 sectors such as gaming, the metaverse and non-fungible tokens. State Street will serve as the fund's administrator and EY as its auditor.

Block.one was the leading investor in the venture, together with Richard Li's Pacific Century Group, Winklevoss Capital and Animoca Brands founder Yat Siu. B1 will also become a minority shareholder in CMCC Global's holding company, CMCC Global.

The creation of a new regulatory regime in June has re-established Hong Kong as a cryptocurrency hub, attracting investment from key VCs in the broader blockchain industry.