Hong Kong-based crypto venture capital firm CMCC Global has raised $100 million for its new Titan Fund, according to a South China Morning Post report on Wednesday.

The fund’s backers included Winklevoss Capital, the family office of the twins behind the crypto exchange Gemini. CMCC’s fourth fund will make equity investments in early-stage blockchain startups with a primary focus on Hong Kong.

The new fund comes during an extended crypto bear market that has nearly brought venture capital investments to a halt. However, there have been bright spots in the mist. Silicon Valley-based venture capital firm Blockchain Capital announced the raise of $580 million across two funds last month, and new firm Oak Grove Ventures raised $60 million for its first fund.

The fund has already deployed capital in five projects and one was named. CMCC was a lead investor in Mocaverse, a non-fungible token (NFT) project announced by Hong Kong-based crypto giant Animoca Brands last December.

Other investors in the fund included Jebsen Capital, Block.one, Hong Kong billionaire Richard Li’s Pacific Century Group and Animoca Brands founder Yat Siu.