CMCC Global, a venture capital firm based in Hong Kong, is targeting US$300 million worth of assets in its latest crypto fund, according to Bloomberg.
Fast facts
- Since being launched in April, CMCC’s fourth digital asset fund has gathered assets close to an estimated value of US$90 million with a goal to reach the US$300 million hard cap by early next year.
- The crypto fund’s investors include Hong Kong’s billionaire and founder of Pacific Century Group Richard Li, and co-founders of the Gemini exchange, Cameron and Tyler Winklevoss. Li and the Winklevoss twins also have a stake in CMCC’s holding entity.
- CMCC’s co-founder Charlie Morris says the firm plans to allocate part of the crypto fund into different areas such as decentralized finance (DeFi) and non-fungible tokens (NFTs).
- CMCC Global, founded in 2016, is one of the early investors in the Solana blockchain, having invested $1 million in a private token sale in 2018, when it was priced at US$0.20 per coin. Now it is around US$200 and the sixth-largest cryptocurrency. The venture capital has also supported other blockchain protocols such as Cosmos and Terra.