The South Korean company, Hashed, has created a new fund to finance emerging startups focused on Blockchain technology.
Hashed, one of South Korea’s largest crypto asset fund managers, raised 120 billion won (USD 110 million) to finance new blockchain companies in the so-called „protocol economy“.
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The funds were raised through Hashed Ventures Inc, a new Crypto Bank entity that will oversee the deployment of the nine-figure investment. The company has yet to disclose its sponsors, although a spokesperson indicated that some of South Korea’s largest information technology (IT) companies are involved.
In the announcement, the company said:
„Hashed plans to invest heavily in domestic and foreign companies that want to realize the ‚protocol economy‘ that has recently emerged as a very popular topic, as well as technology companies in the field of the block chain through the formation of this first fund.
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The fund will invest in national and global startups that use Blockchain technology to innovate the „protocol economy,“ a broad term that describes emerging platforms and applications.
Based in Seoul and Silicon Valley, Hashed promotes itself as a team of blockchain experts pushing the needle of decentralization. The company’s investment portfolio includes dozens of companies focused on cryptomonics, including notable blockchain projects such as Ethereum, EOS, Ontology, ICON and Kyber Network.
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The company’s investments are currently divided between blockchain platforms, financial infrastructure, applications, oil companies and publishing companies.
South Korea has emerged as a hotbed of development for blockchain technology and digital asset markets, despite government crackdowns on initial currency offerings and domestic exchanges. Recently, the country’s influential crypto lobby managed to delay a new digital asset tax regime until 2022, giving local businesses more time to adapt to the laws.
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Hashed did not respond immediately to a request for comments.