Hashed, one of the largest crypto fund managers in South Korea, raised 120 billion won ($ 110 million) to fund blockchain startups in what is known as the “protocol economy”.
The funds were raised through Hashed Ventures Inc., a new company that will oversee the launch of the nine-figure investment. The company has yet to reveal its sponsors, despite a spokesman saying it has some of the largest IT companies in South Korea involved.
In the advertising, The company said:
“Hashed plans to invest heavily in domestic and overseas companies to realize the ‘protocol economy’ which has emerged as a very popular topic lately, as well as technology companies in the blockchain space resulting from this first fund”.
The fund will invest in national and global startups that use blockchain technology to innovate the “protocol economy”. A broad term that describes new platforms and applications.
Hashed, based in Seoul and in Silicon Valley, advertises as a team of blockchain experts who are pushing the needle of decentralization. The company’s investment portfolio includes dozens of companies focused on cryptocurrency, including notable blockchain projects like Ethereum, EOS, Ontology, ICON and Kyber Network.
The company’s investments are currently split into Blockchain platforms, financial infrastructure, applications, oil and publishing companies.
South Korea has become a stronghold of development for blockchain technology and digital asset markets, despite the government cracking down on them on coin offerings and domestic exchanges. Recently, the country’s influential crypto lobby managed to postpone a new digital asset tax system until 2022 to give local businesses more time to adapt to the laws.
Hashed did not immediately respond to a request for comment.