CMCC Global brings on Zhao Chen, former General Manager at NEO, as a partner to set up a Shanghai office and to focus on blockchain equity investments in the region.
HONG KONG, Dec. 19, 2019 /CNW/ - CMCC Global, one of Asia's first blockchain focused venture capital funds, announced today that Zhao Chen has joined the company as a partner. Zhao was formerly the General Manager of NEO Global Development, the team behind the largest China-based blockchain platform, NEO. Prior to this, Zhao was an early employee at OnChain, one of the most reputable blockchain solutions companies in China. At CMCC Global, Zhao will be responsible for setting up a Shanghai presence and will focus on covering China's rapidly growing blockchain ecosystem.
In 2017, China announced blockchain to be one of the core pillars in the technology segment of their five-year development plan. In October 2019, the Chinese government re-affirmed this commitment with China`s president Xi Jinping stating that the country must make "greater effort" to develop and apply blockchain technologies and gain an "edge over other major countries". Given the determination of its government, China is well positioned to become a leading nation in the blockchain space. As this new era of the Internet takes shape, having a presence in China will be vital for investors looking to participate in the growth of both enterprise blockchain solutions and Web3 applications.
"CMCC Global has proved to be one of the leading blockchain investors in Asia and the West and I look forward to working with the team as CMCC Global grows its presence in China and beyond. I am thrilled to be joining CMCC Global and look forward to setting up a new office in Shanghai" Zhao said. "China is poised to become a dominant player in the global blockchain space and there will be many opportunities as Chinese blockchain companies grow both domestically and internationally."
"We are excited to bring on Zhao as a partner at CMCC", said Martin Baumann, co-founder of CMCC Global. "We have known Zhao for a number of years through his work with NEO. He brings a wealth of blockchain expertise with him, as well as broader financial markets experience in China and internationally. We look forward to working with Zhao as we expand our reach and efforts in China."
"The creation of a presence in Shanghai demonstrates our commitment towards discovering and supporting the leading blockchain teams globally", Martin Baumann continued. "China is working to be a dominant force in the Web 3.0 arena, utilizing opportunities in currency, identity, supply chain and other areas that involve the movement of value as opposed to just information as in the current version of the Internet. China is well positioned to be the global leader in this technology race. Companies like Tencent and Alibaba have rapidly overtaken the size and scope of many western tech companies – we foresee a similar evolution happening in this next blockchain empowered era of the internet."
About CMCC Global
CMCC Global was founded in 2016 and is one of Asia's first venture capital funds focused solely on blockchain investments. Today it manages three digital asset funds and the Liberty Bitcoin Fund. CMCC is also in the process of launching the Titan Fund, a traditional venture capital fund that will invest primarily in Seed and Series A stage equity opportunities of blockchain companies. CMCC Global has offices in Hong Kong, Toronto and Shanghai.
CMCC Global believes that blockchain technology is bringing about the next era of the Internet, which will facilitate the movement of value rather than just information. The core thesis of the company is to invest in the "core technical and social infrastructure" that will power this new Internet of Value. CMCC believes that there will be regional disparities in blockchain platforms and that the speed of adoption will vary geographically. CMCC looks for teams with a clear path to adoption and it leverages global relationships to help its portfolio companies bridge the East-West divide.