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

CMCC Capital, a Hong Kong-based VC firm, has tapped Zhao Chen from Neo Global Development, one of the biggest blockchain firms in China. 

Chen will join the firm as a partner to open an office in Shanghai to head equity investments in mainland China blockchain companies, according to the firm.

“The creation of a presence in Shanghai demonstrates our commitment towards discovering and supporting the leading blockchain teams globally,” CMCC’s CEO Martin Baumann said in an announcement.

Before CMCC, for the most recent year, Chen functioned as the global development director and the general manager of NGD, the group behind digital currency NEO and one of China’s biggest blockchain platforms.

He recently filled in as director of business development at Onchain, another Chinese blockchain company, as per Chen’s LinkedIn profile.

Chen left NGD in May in the midst of a company-wide reconfiguration and release of NEO 3.0 that will make new tokens for cryptocurrency holders. The revamped blockchain network is anticipated to be finished by 2020.

Established in 2016, CMCC is one of the first Asian venture funds to invest in blockchain innovation frameworks like the ethereum network. The company secured more than $30 million for its third blockchain fund from Japanese social media tycoon Line, along with one of the biggest family offices in Asia, which was not divulged, as an anchor investor for the fund.

The initial two funds in the company’s CMCC Liquid VC series secured $1 million and $3.5 million, respectively, for the past three years. In September, the company set up Liberty Bitcoin Fund for cryptocurrency investors situated in Asia.