Hashed, the South Korea-based crypto asset fund managers, has raised $120 million to fund new blockchain ventures in the so-called “protocol economy.”
It has been reported that the funds were raised through Hashed Ventures Inc., a new entity that will oversee the deployment of the nine-figure investment.
However, the company has yet to disclose its backers, though a spokesman indicated that some of South Korea’s largest IT companies are involved.
The company said:
“Hashed plans to invest heavily in domestic and overseas startups that want to realize the ‘protocol economy,’ which has recently emerged as a hot topic, as well as technology companies in the blockchain field through the formation of this first fund.”
Likewise, the fund will invest in domestic and global startups utilizing blockchain technology to disrupt the “protocol economy,” a broad umbrella term that describes emerging platforms and applications.
It has been analyzed that the company’s investment portfolio includes dozens of crypto companies, including notable blockchain projects like Ethereum, EOS, Ontology, ICON, and Kyber Network.
Also, the company’s investments are currently spread across blockchain platforms, financial infrastructure, applications, pick-and-shovel plays, and publishing.
South Korea has emerged as a hotbed of blockchain development and digital asset markets despite government crackdowns on initial coin offerings and domestic exchanges.
Thus, the country’s influential crypto lobby was successful in delaying a new tax regime on digital assets until 2022, giving local businesses more time to adapt to the rules.