CMCC Global, a Hong Kong-based venture capital firm, has announced a new USD 100 million fund dedicated only to blockchain projects, indicating the firm’s belief in the island’s potential as a virtual asset trading center. According to co-founder Charlie Morris, the fund’s three key areas of focus are infrastructure, fintech, and consumer, all of which are moving the digital assets field ahead.
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The firm has a solid investor base in Hong Kong and describes itself as one of Asia’s first VC firms focusing solely on blockchain and cryptocurrencies. The new fund’s primary focus will be on seed and series A investments. CMCC Global, which is backed by Gemini Trust founders Cameron and Tyler Winklevoss, highlighted that blockchain investments in Asia have increased rapidly.
Hong Kong’s ambition to become a prominent virtual-asset trading hub has been boosted by the government’s allocation of HKD 50 million (about USD 6.4 million) for the expansion of its local Web3 ecosystem. Huobi, the world’s largest cryptocurrency exchange, said in February that it would relocate its Asia headquarters from Singapore to Hong Kong. In the same month, Hong Kong’s Securities and Futures Commission recommended allowing tokens such as bitcoin and ether to be traded on approved exchanges.
Source:
techinasia.com
