Venture Capital Firm CMCC set Globally Target $300M Investment For New crypto Fund


CMCC Global, a Hong Kong-based venture capital firm, is targeting $300 million in a crypto fund with investors such as billionaire Richard Li, and the Winklevoss twins, co-founders of Gemini Exchange.
Charlie Morris, one of the
founders of CMCC, said that a portion of the new crypto fund would be allocated
to fast-growing sectors such as decentralized finance (DeFi) and non-fungible
tokens (NFTs).
“The underlying infrastructure
is maturing to the point where we basically can have interesting applications,”
Charlie Morris told Bloomberg.
He adds, “Particularly in
DeFi, we’ve seen higher quality teams.”
CMCC Global, a 2016
startup, was one of the early and largest investors in the blockchain platform
Solana, investing $1 million in a private token sale in 2018, when it was 20
cents a coin. Solana is now the sixth-largest cryptocurrency, which has reached
up to $200. Other blockchain ventures that the Venture capital firm has
sponsored include Cosmos and Terra.
Richard Li and Gemini Trust
Co. founders Cameron and Tyler Winklevoss are also investors in CMCC's holding
entity, despite the fact that the two founders own a majority share in the
venture capital firm.
Also Read | President Biden unveils spending framework contains a part on Digital Assets
A few years ago Gemini CEO
Tyler Winklevoss told Bloomberg that he met the CMCC team while traveling in
Asia. He said that the firm's approach motivated him to invest in them.
The VC firm's previous
crypto fund was led by Richard Li via Pacific Century Group, and Li is
reportedly backing the latest fund as well, other existing investors are
expected to jump on board.
CMCC is in the process of obtaining a license from Hong Kong regulators in order to launch a new crypto equity fund. At present, VC's fourth crypto fund has assets under management of nearly US$90 million and will aim to hit US$300 million next year.

Pavan A
CBW - External Analyst
INDIA