South Korean Blockchain investment group, Hashed announced last week that it has raised $120 million for its first 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 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.
VC Rises as ICO Dies
Indeed, the group raised the funds when venture capital interest in blockchain startups is increasing. Many crypto companies took the Initial Coin Offering (ICO) ) route in 2017 to raise funds, but the startups are now flocking towards venture capital.
Hashed did not disclose the name of the investors in its new venture fund, citing legal requirements. However, it revealed that most of the investments came from South Korea’s larger information technology firms and conglomerates.
Founded in 2017, the investment 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 its partnership with Kookmin Bank (KB), the largest commercial bank in South Korea, for offering digital currency custodian services.
“Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation,” Kim earlier said.
Meanwhile, many other prominent blockchain-specific venture funds are popping up as the industry is maturing. Finance Magnates earlier reported on the creation of the first venture capital fund by Draper Goren Holm that raised $25 million.
