Hong Kong VC firm launches $100m blockchain fund with Asia focus

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CMCC Global, a Hong Kong-based VC firm, has launched a new US$100 million fund focused solely on blockchain opportunities, signaling confidence in the island’s potential as a hub for virtual asset trading.

The fund has three main areas of interest: infrastructure, fintech, and consumer – all of which are driving the digital assets space forward, co-founder Charlie Morris told Bloomberg Television.

The firm, which bills itself as one of Asia’s first VC funds focused purely on blockchain and cryptocurrency, has a strong investor base in Hong Kong. The new fund will primarily target seed and series A investments.

CMCC, which is backed by Gemini Trust founders Cameron and Tyler Winklevoss, noted that Asia has seen a rapid increase in blockchain investments.

In particular, Hong Kong has been pushing to become a leading virtual-asset trading hub. The HK government has set aside HK$50 million (about US$6.4 million) for expanding its local Web3 ecosystem.

In February, crypto exchange major Huobi said it would be moving its Asia headquarters to Hong Kong from Singapore. In the same month, Hong Kong’s Securities and Futures Commission proposed to allow trading of tokens like bitcoin and ether on licensed exchanges.

Currency converted from Hong Kong dollar to US dollar: US$1 = HK$7.85 .