Home News CMCC Global plans to allocate $300M for latest crypto fund

CMCC Global plans to allocate $300M for latest crypto fund

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Venture capital firm CMCC Global Asset Management from Hong Kong has started raising funds for a crypto fund. With the backing of investors such as billionaire Richard Li and the Winklevoss twins, co-founders of the Gemini exchange. Its volume may amount to $300 million, according to Bloomberg.

One of the richest businessmen in Hong Kong Richard Li, who invested in CMCC’s previous crypto token fund, will join other existing investors in the new fund. According to the report, Gemini co-founders Cameron and Tyler Winklevoss are also investors in the new fund. Therefore, they act as minority shareholders of a venture capital firm.

At the moment, the amount of funds raised has reached $90 million. Founded in 2016, the firm acted as an early investor in projects such as Cosmos and Terra. In 2018, the firm invested in the Solana blockchain, contributing $1 million in a private token sale.

NFT and DeFi

The firm intends to allocate a part of its latest fund to areas such as decentralized finance (DeFi) and non-fungible tokens (NFTs).

“The infrastructure has matured to a level where interesting applications are being created. Especially in DeFi, we see high-quality teams;” said Charlie Morris, co-founder and Managing Partner of CMCC Global in Toronto.

CMCC Global Asset Management plans to obtain a license from a local regulator to launch a fund in shares of crypto companies and approve a passive Bitcoin fund launched in 2019, which raised $15 million.

Venture fund for the digital asset ecosystem

Recall that in October, Arca raised $30M for digital assets venture fund. Digital asset investment management company Arca has launched its first venture fund for the digital asset ecosystem, the volume for which exceeded $30 million.

Thus, according to the press release, Arca Endeavour Fund aims at investing in projects at an early stage. Priority areas include, among others, DeFi, gaming, Web 3.0, NFT infrastructure, financial services and insurance. In addition, the Fund has already made several initial investments.

Moreover, the functions of the portfolio manager were taken over by Arca financial services veteran David Nage. Jeff Dorman, the company’s CIO, headed the fund’s investment committee. The anchor investor of Endeavour was Mike Novogratz‘s venture division of Galaxy Digital crypto trading bank.

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