South Korean Blockchain Fund Raises $120 Million
Over the last three years, Hashed has invested in influential blockchain projects. In 2019, it invested in Klaytn, Kakao’s public blockchain project. Kakao is Korea’s leading mobile platform with more than 96% market share.
The South Korean blockchain firm, Hashed, recently announced that it raised $120 million for its first fund that will focus on the new era of distributed networks. The CEO of Hashed, Simon Kim told CoinDesk through his spokesman, "so it is our mission to find the best networks that facilitate people’s work and life." According to Kim, Hashed had no issues raising the fund. Hashed is based in Seoul and San Francisco, and during the last three years, it has established a global presence in digital asset investments, most notably in South Korea. The team strongly believes that the future economy will evolve as a protocol economy and that blockchain technology will drive this evolution.
Last August, Hashed announced a partnership with South Korea's largest bank, KB Kookmin Bank, to build a “holistic platform to manage digital assets for individual and corporate clients,” according to its press statement.
Hashed intends to invest in disruptive blockchain startups, which will include base layer protocol companies similar to Ethereum. Hashed's Kim predicts that governments and institutions will support the "protocol economy". According to Forbes, blockchain funds provide exposure to digital assets outside of investing in cryptocurrencies. And, as the price of Bitcoin continues to soar, "some investors are looking beyond the 12-year-old cryptocurrency to bootstrapping the next way of blockchain networks". Data from The Block reveals that $900 million was invested in blockchain startups in the third quarter of 2020, which was a record for this category of transactions.
The above references an opinion and is for information purposes only. It is not intended to serve as investment or legal advice.