Hong Kong Blockchain VC Hires Former NEO Exec to Launch Shanghai Office

CMCC Capital, a Hong Kong-centered venture cash business, has employed Zhao Chen from Neo World-wide Progress, one particular of the major blockchain firms in China. 

Chen will be part of business as a associate to open an business office in Shanghai to lead on fairness investments in mainland China blockchain firms, the business instructed CoinDesk. 

“The creation of a presence in Shanghai demonstrates our dedication in direction of exploring and supporting the leading blockchain teams globally,” CMCC’s CEO Martin Baumann reported in a statement shared with CoinDesk. 

Prior to CMCC, for the final year Chen labored as the world wide development director and the normal supervisor of NGD, the staff driving cryptocurrency NEO and one particular of China’s major blockchain platforms. 

He previously served as director of small business development at Onchain, one more Chinese  blockchain business, according to Chen’s LinkedIn profile.

Chen remaining NGD in Might amid a business-extensive reconfiguration and start of NEO 3. that will generate new tokens for crypto holders. The revamped blockchain community is anticipated to be completed by 2020. 

Shaped in 2016, CMCC is one particular of the very first Asian venture cash to devote in blockchain specialized infrastructures this sort of as the ethereum community, The business raised  over $30 million for its third blockchain fund from Japanese social media giant Line as properly as from one particular of the major household places of work in Asia, which was not recognized, as an anchor investor for the fund. 

The very first two cash in the firm’s CMCC Liquid VC series raised $1 million and $3.5 million, respectively, above the previous a few years. In September, the business set up Liberty Bitcoin Fund for crypto investors centered in Asia. 

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