South Korea’s leading blockchain company Hashed has announced that it has raised a $ 200 million investment fund.
Hashed Venture Fund II
Per a press release shared with CryptoPotato, the $200 million fund dubbed Hashed Venture Fund II will be geared toward the growth and development of Web3, the decentralized internet.
The new fund, according to the project, will invest in companies dedicated to revolutionizing the Internet.
“As we take our second step in solidifying our position in the global blockchain and technology sector, we are excited that our team’s vision is coming into reality,” Simon Kim, CEO & Managing Partner of Hashed.
Growing institutional interest in the Web3
Hashed noted that there was growing interest in Web3 from institutional investors, who hope to invest in technology early as the sector gradually gains in importance.
The company did not disclose its investors for the new fund, which may be due to legal requirements.
However, he noted that the $ 200 million investment fund came from a number of leading Korean IT companies, multidisciplinary conglomerates and world-renowned investment firms, who joined the initiative as sponsors.
Notably, Sean Hong and Baek Kim, two executives of Hashed, will also join the fund as partners. Hashed chose to promote the duo for their significant contributions toward the growth of the company.
It should be noted that the new funding comes less than a year after Hashed raised $ 120 million to accelerate investments in the blockchain industry.
Hashed Investments in Crypto
Launched in 2017, Hashed focuses on backing firms that are pioneering the future of blockchain and cryptocurrency.
Since its launch, it has invested in several crypto and blockchain companies, including blockchain analytics company CryptoQuant, derivatives platform Vega, Ethereum-based investment startup and decentralized exchange dYdX. , among others.
Although Hashed’s previous investment funds covered all crypto and blockchain projects, the company has decided that the Hashed Venture Fund II will exclusively focus on Web3.
For the company, its reason is that Web3 is supposed to revolutionize user interaction with the next generation of the Internet, such as decentralized finance (DeFi), non-fungible tokens (NFT), etc.
In October, Hashed launched a new startup studio to support innovative metaverse and NFT projects. According to the company, the new division will foster the development of creative projects while exploring and experimenting with new ways to apply blockchain in the gaming and NFT markets.
