South Korean cryptocurrency assets fund management company Hashed has raised around $120 million for funding new blockchain initiatives in the “protocol economy.”
The funds will be for its venture capital fund operating as Hashed Ventures Inc. which will confine its operations around Hashed’s core operations of investing in blockchain startups. The company is yet to disclose the backers of the funding round but a spokesperson hinted that leading South Korea IT firms could be involved.
Hashed Ventures to invest in blockchain startups
According to an announcement from the company, they will invest significantly in the incubation of domestic and overseas blockchain startups expecting to realize the protocol economy. Also, they will invest in tech companies in the blockchain sector through the establishment of this first venture capital fund. The VC will invest in startups emp0loying blockchain tech in disrupting the “protocol economy” a term covering emerging applications and platforms.
Simon Kim, Hashed’s CEO said that the ushering of a new age of the protocol economy will see the South Korean startup sector witness a resurgence of the blockchain sector. This will help in attracting institutional support and government into the new paradigm. Hashed raised the cash when the interest of venture capital funds in the blockchain sector seems to increase. Although most crypto firms chose the route of initial coin offering in 2017, blockchain startups have begun leaning to venture capital to raise funds.
Hashed has a wide range of investment portfolio
The Seoul and Silicon Valley-based Hashed prides itself as a blockchain experts team pushing from decentralization. Its investment portfolio includes several cryptocurrency companies that include well-known blockchain projects such as Ontology, EOS, Ethereum,Kyber network, and ICON. Hashed’s investments currently cut across financial infrastructure, blockchain platforms, publishing, applications, and pick-and-shovel plays.
In recent times South Korea has risen as a blockchain development and crypto markets hotbed even though the company cracked down on ICOs and domestic exchanges. An influential cryptocurrency lobby group recently succeed in postponing the new tax law on crypto until 2022 third giving business time to comply with the rules.