CMCC Global begins $300 million crypto fund raise

The Hong Kong-based venture firm CMCC Global Asset Management has begun fundraising for a crypto fund. Its target size could reach $300 million, Bloomberg reports.

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As of now, commitments have reached $90 million.

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Founded in 2016, the firm has been an early investor in projects such as Solana, Cosmos and Terra.

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Among the investors will be Hong Kong’s billionaire Richard Li and the Winklevoss brothers. They are minority shareholders in the venture firm.

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The fourth vehicle to launch is focused on investments in DeFi and NFT projects.

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“The infrastructure has matured to the point where interesting applications are being created. Especially in DeFi, we see high-quality teams,” said Charlie Morris, one of the firm’s co-founders.

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CMCC Global Asset Management plans to obtain a local regulator’s license to launch an equity fund in crypto companies and to obtain approval for the passive Bitcoin fund launched in 2019, which has raised $15 million.

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Earlier reports said that Paradigm to establish a venture fund sized from $1.25 billion to $1.5 billion to fund crypto startups.

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