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Kul Bhushan · · 1 min readRichard Li-backed VC firm eyes $300m for new crypto fund
“CMCC Global, a Hong Kong-based venture capital firm, is targeting US$300 million of assets in its latest crypto fund – and attracting traditional investors like billionaire Richard Li to bet on blockchain technology and its applications,” Bloomberg reported.
Details:
- CMCC Global’s fourth crypto fund currently has nearly US$90 million in assets under management and aims to hit US$300 million early next year.
- The firm said Hong Kong-based billionaire Richard Li, who anchored CMCC’s previous fund, will also make an investment in the fund along with other existing investors.
Dive deeper:
- Founded in 2016, CMCC is one of the earliest and largest investors in the popular blockchain platform Solana. CMCC, which is backed by Gemini Trust founders Cameron and Tyler Winklevoss, has also made investments in blockchain firms Cosmos and Terra.
- CMCC is looking to set up a new crypto equity fund and is already in the process of securing a license from Hong Kong regulators. The company plans to use some part of the new digital asset fund for decentralized finance (DeFi) and non-fungible tokens (NFTs).
Editing by Collin Furtado
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