CMCC Global’s $100M Blockchain Fund

Hi NoRamp Community,

NoRamp released its third podcast episode today with the Vercel CTO Malte Ubl. Check it out on your preferred platform here. On to the news for the day:

CMCC Global’s $100M Titan Fund. 

Wirex’s ZKP debit card service.

Kraken’s latest European acquisition.

CMCC Global’s $100M Blockchain Fund:

• CMCC Global has launched the Titan Fund, specifically targeting early-stage blockchain startups in areas like infrastructure, fintech, and consumer applications, including gaming, metaverse, and NFTs. Key investors include Richard Li’s Pacific Century Group, Block.one, and Winklevoss Capital.

• The fund's operations are jointly managed by CMCC Global co-founders Charles Morris and Martin Baumann. Notably, the Titan Fund has already backed several ventures, including Hong Kong's Mocaverse and Terminal 3, as well as international projects like Informal Systems and KickzMeta.

• Despite Hong Kong's recent regulatory advancements in digital assets, the region has seen a decline in crypto transaction volumes, resulting in a drop in its position in Chainalysis’ global crypto adoption ranking.

Wirex ZKP Debit Card:

• Wirex has unveiled W-Pay, a groundbreaking noncustodial crypto debit card service utilizing zero-knowledge proof (ZK-proof) technology (what a sentence). Historically, Wirex was the first to introduce a crypto-enabled card in 2015 and now boasts a user base of over six million across 130 countries.

• W-Pay, developed with Polygon's Chain Development Kit (CDK), enhances scalability and security. It offers features like swift transactions using ZK technology, compatibility with Ethereum Virtual Machine (EVM), and account abstraction for streamlined transactions. ZK-proofs are gaining traction in the crypto realm, as seen with platforms like Ethereum and Polygon.

• The introduction of W-Pay comes after challenges with Wirex's card partner, UAB PayrNet, which had its license revoked by Lithuania's central bank, leading to Wirex halting its services in the European Economic Area.

Kraken Acquires Coin Meester B.V (BCM):

• Kraken, a prominent cryptocurrency exchange based in San Francisco, has declared its intent to purchase Coin Meester B.V. (BCM), a respected registered crypto broker in the Netherlands. While the acquisition's financial details remain undisclosed, this move is set to enhance Kraken's presence in the Dutch market, providing BCM's clients with Kraken's advanced product offerings and security features.

• Kraken has been diligently expanding in Europe, securing VASP licenses in several countries and working towards regulatory compliance, with the BCM deal pending regulatory clearance from the Dutch central bank.

• Kraken's strategic European ventures, including acquiring an EU e-money license and a VASP license from the Bank of Spain, echo the broader trend of firms eyeing European expansion due to the region's favorable markets and regulatory environment, particularly the comprehensive MiCA legislation.

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