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CMCC Global Aims for $ 300M in Latest Crypto Funding



Venture capital firm CMCC Global plans to raise $ 300 million in its latest crypto financing. It is attracting the attention of Richard Li, a billionaire investor.

Li will (most likely) put his millions of dollars into the Hong Kong-based company to future proof the company's emerging blockchain technologies and applications.

CMCC Global is eight months old (launched in April) and is valued at nearly $ 90 million (the money comes from the 4th round of funding). Analysts expect the company to reach a valuation of $ 300 million early next year.

Richard Li, a billionaire partner at CMCC Global who ran previous funding through its investment manager Pacific Century Group, is likely to take on the latest crypto funding (along with other existing blockchain investors).

Top-class investor in Solana blockchain

CMCC Global is a high-end investor in Solana and has been investing in the blockchain since 2016 - when Charlie Morris and Martin Baumann founded the company. By the way: Andreessen Horowitz also supports CMCC Global.

In 2018, CMCC Global invested $ 1 million in the private sale of Solana when the blockchain platform traded for just $ 0.20 per coin.

Solana is currently one of the largest digital currencies in the world. At its peak, Solana was trading for $ 200 per coin. The company has also invested in Terra and Cosmos (both are blockchain protocols).

Gemini participates in CMCC Global

While Baumann and Morris are majority shareholders in CMCC, Tyler and Cameron Winklevoss (founders of Gemini Trust Co. ) and Richard Li are major investors in the company's holding company.

Daniel Wong, a senior vice president of the Pacific Century Group, believes that the bottom line in favor of Baumann and Morris is that they are "able to get into crypto projects and get in touch with founders early on".

Tyler Winklevoss says he met them two years ago on a trip to Asia. Tyler was impressed by her fund's approach to investing - which led him to invest in CMCC Global. He adds that the duo's track record precedes them "and speaks for itself".

CMCC Global plans to launch a new crypto equity fund in Asia, particularly in Hong Kong. The company is currently applying for a license with the Hong Kong regulators.

However, CMCC's passive Bitcoin Tracker Fund has yet to obtain an operating license. The fund, which was launched in 2019, has approximately $ 15 million worth of digital assets. Going forward, CMCC plans to invest in NFTs (non-fungible tokens) and DeFi (decentralized finance).

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