Hong Kong VC firm CCMC launches $100 million blockchain fund with focus on Asia

Hong Kong-based venture capital (VC) firm CCMC Global has revealed the launch of a new fund for the blockchain space in Asia, amid concerns about dwindling funding for the industry.

According to a Bloomberg report, the Richard Li-backed VC firm’s new fund is worth $100 million for blockchain firms in Hong Kong. Martin Bauman, CCMC’s co-founder, pointed out that Hong Kong firms in the Series A and B stages of growth will be given significant attention while promising start-ups across Asia will be considered.

Bauman revealed that firms exploring metaverse and decentralized finance (DeFi) are more likely to attract the attention of the VC fund. The firm’s co-founder noted that despite the prolonged bearish market, there exists a pool of capital “sitting on the sidelines waiting for the right inputs to pull the trigger.”

The focus on Hong Kong’s Web3 startups is largely driven by the region’s determination to transform itself as a global hub for digital currencies. Bauman revealed that the fund aims to capitalize on the growing exodus of US start-ups to Hong Kong as US regulators tighten the noose around its local industry.

The US is “shooting itself in the foot,” CMCC founder Charles Morris said. “We see that places like Hong Kong have a real opportunity at this time to bring these firms and entrepreneurs to the city.”

A bird’s eye view of the state of private funding for digital currency companies paints a bleak picture as analysts point to a massive decline in funding. Animoca Brands halved its Web3-focused fund due to a decline in adoption levels for blockchain-based offerings worldwide following the catastrophic collapses in late 2022.

Switzerland’s Syz Group announced the creation of a $50 million fund for Web3 hedge funds, while Bitget revealed a $100 million fund for promising companies in the industry. Bitget noted that the fund will not focus exclusively on decentralized finance. Rather, it will support startups in Socialfi and Gamefi niches.

Hong Kong – A hive of activity

Since Hong Kong announced plans to become the digital currency capital of the world, several companies have expressed their desire to be based in the city. Official disclosure by the city’s administrators confirms that the number of global firms seeking registration in Hong Kong exceeds 80, drawn by the promise of low taxes and crystal clear rules.

While international firms are eager to establish operational bases in the city, Chinese banks are rubbing their hands at the prospect of offering financial services to the incoming firms. Chinese banking officials have been spotted at Web3 events in Hong Kong despite the blanket ban on digital currencies in mainland China.

Want to learn more about the basics of blockchain technology? check out BSV Blockchain Resources Page where you can download useful e-books – from unlocking the value of data at extreme scale to understand the potential of the Metaverseamong the many topics – free of charge.

See: Blockchain will power the next generation

width=”560″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>

New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.