South Korean blockchain investment group, Hashed announced last week that it has raised $120 million for its first crypto venture capital fund. The maiden fund, operating as Hashed Ventures, Inc., will confine its business within the core area of Hashed by investing in the incubation of blockchain startups. “By ushering in the era of the protocol economy, the South Korean domestic startup scene will witness the resurgence of the blockchain industry, attracting both government and institutional support for this new paradigm,” Hashed CEO Simon Kim said on the new fund and the industry trend.
Venture capital interest in blockchain startups is increasing.
The South Korean blockchain investment group raised funds when venture capital interest in blockchain startups is increasing. Several crypto companies took the initial coin offering (ICO) route in 2017 to raise funds, but most startups are now flocking towards venture capital. The South Korean company did not disclose the name of the investors in its new venture fund, citing legal requirements. However, Hashed revealed that most of the investments came from South Korea’s larger information technology firms and conglomerates.
The South Korean company also partnered with a bank.
The blockchain investment company already had a long portfolio list of backed projects, including Kakao’s Klaytn, Line’s Link, Ontology, and ICON. Furthermore, Hashed made headlines earlier this year after it partnered with the Kookmin Bank (KB), the largest commercial bank in South Korea, for offering digital currency custodian services. “Combining insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to the consumers as well as to the country in ushering the new era of digital transformation,” the CEO noted earlier.