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In 2016, CMCC Global was a leading investor in Solana’s blockchain platform. The firm invested $1 million in private tokens in 2018, with shares priced at just 20 cents each. Fast forward a few years, and Solana had become the sixth-largest cryptocurrency, with shares reaching $200.
Additionally, CMCC Global has raised nearly $90 million in asset management as part of its goal to accumulate $300 million. This guide delves into the details of Winklevoss CMCC Global’s $300M investment in a new crypto fund.
Why the Winklevoss Brothers Invested
Cameron and Tyler Winklevoss, bitcoin billionaires and early crypto pioneers, made their fortune after a $120 million settlement in Facebook shares in 2008. Here’s why the Winklevoss twins committed to the CMCC crypto fund:
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Amidst the volatility of the crypto market, the brothers maintained a long-term perspective, holding onto their bitcoin through highs and lows. For instance, after purchasing $11 million worth of bitcoin in April 2013, the price fell from $180 to $80. They only sold bitcoin to fund the launch of Gemini, their crypto exchange, showcasing their disciplined approach.
Reliable Crypto Exchange
Early experiences with theft underscored the need for trustworthy exchanges. This led to the creation of Gemini, a platform renowned for its strict security and regulatory compliance, becoming the first U.S. exchange licensed by the NYSDFS.
Flexibility in Trading
The 24/7 accessibility of crypto markets allowed the brothers to invest and strategize effectively. They prioritized understanding the underlying technology and risks associated with crypto trading.
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The Winklevoss brothers were impressed by CMCC’s transparency and performance, further cementing their decision to invest.
Insights into the Fund
CMCC Global plans to allocate part of the $300M fund to decentralized finance (DeFi) and non-fungible tokens (NFTs). According to co-founder Charlie Morris, the infrastructure is now mature enough to support these applications. The firm also aims to secure a license from Hong Kong regulators to launch a new crypto equity fund and expand its bitcoin passive tracker fund, currently valued at $15 million.
Other Investments by the Winklevoss Brothers
- In 2012, they co-founded Winklevoss Capital, investing in over 100 projects, including 20 crypto-focused ventures.
- In 2013, they purchased $11 million worth of bitcoin, rumored to represent 1% of all circulating bitcoin at the time.
- In 2014, they launched Gemini, now recognized as a secure platform for buying, selling, and storing cryptocurrency.
- In 2019, they invested in BlockFi, the first crypto lending firm in the U.S., and acquired Nifty Gateway, an NFT platform.
- Gemini and BlockFi are set to launch a crypto credit card that rewards investors with trading discounts.
