cmcc global - Pwim.Net

H.K.-based CMCC Global's Crypto Fund Targets $300M, Drawing Tycoon Richard Li's Attention

A Hong Kong-based venture capital firm’s target of $300 million in assets for its latest crypto fund is attracting investors like Hong Kong tycoon Richard Li.

The CMCC Global Asset Management Ltd’s latest crypto fund allows investors to bet on blockchain and its applications.

Its fourth crypto token fund, which was launched in April, now has assets under management of close to $90 million and aims to reach the $300 million hard cap next year.

CMCC Global said that billionaire Li will roll over to the latest fund along with other existing investors. Li anchored CMCC Global’s previous fund via his investment manager Pacific Century Group.

One of the earliest and largest investors in blockchain platform Solana, CMCC Global – founded in 2016 by Martin Baumann and Charlie Morris – in 2018 invested $1 million in Solana’s private token sale.

In 2018, Solana was 20 cents a coin; now, Solana is the sixth-largest cryptocurrency and topped $200 apiece.

Besides the two founders holding a majority stake in the venture firm, Li and Gemini Trust Co-founders Cameron and Tyler Winklevoss are also investors in CMCC’s holding entity.

Richard Li is also one of the sons of Hong Kong’s richest man Li Ka-Shing.

In June, Li’s insurer FWD said it had lodged an application to regulators for an initial public offering in the United States.

In Hong Kong, CMCC Global is applying for licenses with the securities regulator to set up a new crypto equity fund.

Cofounder Morris announced that CMCC Global plans to separate a portion of the new digital-asset fund to arenas like decentralized finance (DeFi) and non-fungible tokens (NFTs).

Animoca Brands Secures US$20M for Mocaverse Expansion

Key Takeaways

Animoca Brands raises US$20 million in a funding round led by CMCC Global.
Funds to be used for the Mocaverse project, focusing on Web3-native tooling for gaming, culture, and entertainment.
Mocaverse to introduce Moca ID, a unique non-transferrable NFT collection, enhancing Web3 accessibility and growth.

Animoca Brands Corporation Limited, a prominent player in the digital property rights for gaming and the open metaverse and owner of Sandbox ($SAND), has successfully garnered US$20 million (equivalent to A$31.3 million) in a recent funding round. This capital injection is earmarked for the acceleration of Mocaverse, a pivotal project within the company’s portfolio.

The funding round saw participation from a consortium of investors led by CMCC Global. Other notable participants include Kingsway Capital, Liberty City Ventures, GameFi Ventures, and institutional investors from Koda Capital. Noteworthy individual investors such as Aleksander Larsen (Sky Mavis founder) and Gabby Dizon (Yield Guild Games founder) also joined the round. Yat Siu, the co-founder and executive chairman of Animoca Brands, has also invested.

Mocaverse is poised to redefine the Web3 landscape by offering native tooling for gaming, culture, and entertainment sectors. This will enable users to establish their digital identity, accumulate reputation, and engage in a loyalty system. The project aims to tap into Animoca Brands’ extensive network, which boasts over 700 million potential users.

A significant feature of Mocaverse is the upcoming Moca ID, a unique non-transferrable NFT collection. This will allow users to establish their on-chain identities and actively participate in the Mocaverse ecosystem. Active engagement will be rewarded with loyalty points, which will be integral to a decentralized loyalty system. The overarching goal is to enhance Web3 accessibility and growth.

CMCC Global, a pioneer in blockchain and Web3 investments in Asia, has a track record of early investments in leading projects such as Ethereum, Solana, and Cosmos. With assets under management exceeding US$500 million, CMCC Global has established itself as a high-conviction investor with a global presence.

Yat Siu remarked on the investment, stating, “The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones. Mocaverse’s DAO-based approach ensures community-driven innovation and collaboration across the Animoca Brands ecosystem.”

Martin Baumann, co-founder of CMCC Global, expressed his enthusiasm for the project, highlighting the potential of Mocaverse to unify the unique portfolio of companies under Animoca Brands and serve as a gateway for new users to the Web3 and metaverse ecosystems.

In terms of the funding details, Animoca Brands is issuing Simple Agreements for Future Equity (SAFEs) to sophisticated investors at A$4.50 per share. These SAFEs will be converted to ordinary shares in six months, with the conversion rate determined by the AUD:USD exchange rate at settlement.

About Animoca Brands: A leader in digital entertainment, blockchain, and gamification, Animoca Brands is at the forefront of advancing digital property rights and the open metaverse. With a diverse portfolio of products and over 450 Web3 investments, the company is a key player in the digital realm.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

CMCC Global's Titan Fund Secures $100M for Asian Blockchain Ventures

Titan Fund, which is managed by CMCC Global, has closed its inaugural investment round on October 4, raising $100 million with the involvement of over 30 investors. Among the prominent investors are the blockchain startup Block.one, the Pacific Century Group, owned by Hong Kong business magnate Richard Li, Winklevoss Capital, Jebsen Capital, and Yat Siu, creator of Animoca Brands. The financing comes at a time when the cryptocurrency industry is facing a financial crisis as a direct result of a string of failures that occurred in the previous year, one of which being the bankruptcy of the exchange FTX.

CMCC Global’s fourth fund, known as the Titan Fund, will concentrate its investments on three primary areas: blockchain infrastructure, consumer applications such as gaming and NFTs, and financial services such as exchanges, wallets, and lending platforms. This fund was created by CMCC Global. Mocaverse, a non-fungible token (NFT) initiative located in Hong Kong that received $20 million in September is one of the early investments made by the fund. Terminal 3, a Web3 data infrastructure start-up also based in Hong Kong, is another initial investment.

According to CMCC Global co-founder Martin Baumann, the company was created in Hong Kong in 2016 with the intention of making investments in “the best entrepreneurs globally.” The company has a “natural attachment” to Hong Kong and believes that the city possesses “a lot of potential” for innovation in the field of financial technology. Recently, Hong Kong has changed its attitude on cryptocurrencies, proposing new legislation that will go into effect in October 2022 and would permit licenced cryptocurrency exchanges to welcome retail traders as customers. Because of the modification to the regulation, the city is becoming an increasingly attractive location for crypto companies.

According to statistics provided by PitchBook, the value of worldwide venture capital investments in cryptocurrency companies had a decrease of 70.9% year-on-year, while the number of transactions experienced a decrease of 54.5%. Despite the difficult conditions, CMCC Global remains bullish on the long-term prospects of the cryptocurrency and blockchain industries, especially in Asia, and has launched a new fund to demonstrate this confidence.

Oobit Secures $25M in Series A Led byTether and CMCC Globa

Oobit, a mobile crypto payments app, has successfully closed its Series A funding round, amassing $25 million. This significant financial injection is spearheaded by Tether, the world’s largest stablecoin issuer by market cap, alongside notable contributions from CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko. This round of funding marks a pivotal moment in Oobit’s journey, pushing the total capital raised by the company to $33 million, when considering its previous $8 million seed round in December 2020.

Oobit aims to revolutionize the way crypto token holders engage in transactions, facilitating purchases at over 100 million retailers worldwide that accept Visa or Mastercard, effectively as if using cash. The app’s underlying technology ensures merchants are paid in fiat currency, fostering the adoption of crypto payments. Future updates are poised to further streamline this process, ensuring even smoother transactions between cryptocurrencies and fiat currencies.

This Series A funding underscores Tether’s commitment to advancing the widespread adoption of cryptocurrencies, aligning with its vision of a financially inclusive world. Oobit, leveraging Tether’s investment, strives to dismantle barriers and enable frictionless transactions for crypto holders globally, further supported by its functionality across both the Apple App Store and Google Play.

Oobit’s innovative “tap-to-pay” feature, which facilitates contactless payments at any store supporting credit card systems with tap receivers, exemplifies the company’s commitment to integrating digital currencies into everyday transactions. This feature, alongside the app’s compatibility with leading cryptocurrencies such as Bitcoin, Ethereum, XRP, and naturally Tether, positions Oobit at the forefront of bridging the gap between traditional financial systems and the burgeoning world of blockchain technology.

As Oobit continues to expand its global footprint, this funding round not only highlights the growing confidence in crypto payments’ potential but also paves the way for further innovation in the seamless convergence of digital and traditional financial landscapes.