Three months after registering Hashed Venture Fund I, the blockchain-focused investment group Hashed has already raised $120 million. The organization plans to utilize the funds to invest in the blockchain space and other fintech companies focused on protocol economy.
Based in Seoul, North Korea, Hashed’s mission is to enhance the mass adoption of blockchain technology and also to provide research and advisory services to companies in the field.
In a press release shared with CryptoPotato, Hashed announced its latest milestone. The investment group registered its Hashed Ventures arm in September 2020 and has raised $120 million since then.
The announcement, which describes Hashed as the “Vanguard of the blockchain industry in South Korea,” reads that the organization will use the funds to double-down on previous engagements such as investing in seminal blockchain projects.
However, the investment group also plans to expand its portfolio to “technology startups that can promote protocol economy” through the Hashed Venture Fund I. The term “protocol economy” designates an open economy underpinned by independent and consensus-driven protocols that can reward participants directly via various cryptocurrencies.
Hashed aims to capture the potential growth of the protocol economy markets by targeting problems faced by industry giants and invest in innovative solutions.
“By ushering in the era of protocol economy, the Korean domestic startup scene will witness the resurgence of the blockchain industry as well as its maturation market attracting both government and institutional support for a new paradigm.” – commented Hashed CEO Simon Kim.
The blockchain-focused investment fund recently partnered with South Korea’s largest bank – KB Kookmin Bank, as reported. As a result, the founded in 2001 banking organization started offering cryptocurrency custodial services to its clients.
The two entities noted at the time that digital assets have surged in popularity in the Asian country in the past few years. They highlighted the “digitalization of the financial field” as the next massive step for the industry and asserted that they wanted to be in front of the curve.
South Korea has struggled with implementing clear taxation legislation on cryptocurrencies for a while. Most recently, the nation postponed the proposed income tax to January 2022, as digital asset exchanges complained they need more time to prepare the necessary documentation.