Some of South Korea’s largest information technology firms are backing the nine-figure investment fund, a spokesperson indicated
Hashed, one of South Korea’s largest crypto asset fund managers has raised $120 million via its new entity, Hashed Ventures to fund emerging blockchain ventures. The nine-figure investment fund will be focused on financing projects that contribute to the new era of distributed networks in the protocol economy.
Hashed refused to disclose its backers as of yet, citing legal requirements. However, a spokesperson indicated that the investments represented some of Korea’s largest information technology firms and other conglomerates.
Explaining the thought behind the fund, Hashed CEO Simon Kim stated: “We believe we will be living in a society where people will be working for different networks (protocols) rather than for specific companies. So, it is our mission to find the best networks that facilitate people’s work and life”.
The fund’s deployment will be overseen by the new investment company Hashed Ventures that will invest in both domestic and global startups that are creating blockchain-based solutions that contribute to the protocol economy.
“Hashed plans to invest heavily in startups that want to realise 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”, a spokesperson stated.
Protocol economy refers to an open economic system where individuals or groups can participate in economic activities and earn rewards according to their contributions. Market participants set neutral rules and regulations that allow them to interact independently, and then trade according to the parameters decided by the rules. It is a broad umbrella term that describes many of today’s emerging platforms and applications.
Utilising blockchain technology to create solutions in a protocol economy ensures that the operator of the platform cannot arbitrarily change rules. It greatly improves transparency, fairness and significantly reduces transaction costs and time through the use of digital assets.
By investing in blockchain projects that offer these benefits, Hashed hopes to solidify its position as a venture capital empire with differentiated expertise that connects the global blockchain industry with the existing startup ecosystem.
Despite multiple government crackdowns on initial coin offerings and domestic exchanges, South Korea continues to grow as an emerging hotspot for blockchain and digital asset markets. Hashed, based in Seoul and Silicon Valley, has established itself on the pillar of promoting decentralisation through blockchain expertise. It has invested in dozens of crypto companies including blockchain projects like Ethereum, EOS, Ontology, ICON and Kyber Network.