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Hashed, a blockchain venture capital firm, is raising $173 million for its second fund.
Following the success of his first massive blockchain fundraise, one of South Korea’s prominent blockchain advocates is embarking on another massive blockchain fundraise.
Simon Seojoon Kim intends to raise $173 million for a second blockchain fund, building on the success of the first, which raised $120 million from investors in December 2020. However, details on the new fund and its possible investors are scarce.
Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior partner at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto venture capital firm Hashed in 2018. The firm invests in crypto startups to enable them to grow through staff expansion, partnerships and marketing.
It has attracted big-name investors, like Naver, South Korea’s third-largest company by market capitalisation, which put $12 million in the first Hashed blockchain fund.
For Western investors, the Seoul-based corporation provides as a doorway to Asian markets. It has made investments in a number of well-known companies and blockchain projects, including Klaytn, the public blockchain of South Korean mobile behemoth Kakao. Hashed investments typically vary between $1 million and $10 million per firm.
The portfolio is extensive and also includes Dfinity, the creator of the Internet Computer, Ethereum side-chain platform Skale, Korean blockchain network Icon, and several decentralized finance projects, such as lending platform MakerDAO, Synthetix, Kyber Network, decentralized exchange dYdX and stablecoin platform Terra.
Kim made his fortunes by being an early investor in Ethereum just after the network launched in 2015. Regarding industry investment, he stated, “Our investors want to maximize their profit, but they also want to learn about the market through us,” according to Bloomberg.
He also stated that the blockchain technology sector is still in its infancy, which is a significant advantage for investors.
This year has seen a record number of venture capital funds invest in cryptocurrency and blockchain. The amount invested in the first half of 2021 was more than double that of the preceding years combined.
Between January and June, over $17 billion in venture capital funds was pumped into blockchain initiatives, and Hashed hopes to tap into more of it in the second half of the year.