Hashed General Partner Baek Kyoum Kim
Hashed Venture, a South Korea-based blockchain-centric venture capital firm, has raised US$200 million into its Fund II to aid the blockchain ecosystem worldwide.
With the new fund, Hashed is doubling down on Web3, or a decentralised version of the internet where people hold control of their own data, creating a public record on the blockchain of their activities from shopping, socialising, or working.
“There are endless technical and practical problems in Web3 across governance, privacy, scaling, identity management, data structures, messaging, and security,” Baek Kyoum Kim, one of the two newly promoted partners of the firm, wrote on Hashed’s blog. “We will focus on solving problems that improve end-user experiences, designing more engaging metaverse games, and making Web3 services safer for mass adoption.”
He also expressed his optimism about Web3’s potential to restore trust and enable new kinds of governance where players collectively make critical decisions about how the metaverse should be defined.
The current round of fundraising comes nearly one year after the first commitment of US$120 million for Hashed Venture Fund I.
Last week, Hashed co-founder Jinwoo Park’s startup OFF, which is based out of Singapore and Korea, also announced its US$3.5 million seed funding. The company builds NFT-based social metaverse platform MYTY with a vision to create an open ecosystem for avatar-based micro verses.
Also read: Metaverse is around the corner and you should play a role in it
Founded in 2017, Hashed Venture is an early-stage investment firm focusing on blockchain and cryptocurrency. Its investment thesis focuses on Web3, which is expected to transform consumers’ interactions with the future generation of the internet, including NFTs, DeFi, GameFi, and so on.
Besides financing activities, Hashed also operates Hashed Lounge–a premier blockchain meetup group; Hashed Post–a cryptocurrency blog interviewing founders and thought leaders; and Hashed Night–a world-class conference, events, and networking brand.
The firm claims to enable its portfolio companies to enter the global market seamlessly to bootstrap their communities and the company-building process.
So far, Hashed has made some investments in SEA-originated projects including Axie Infinity, a play-to-earn game owned by gaming unicorn Sky Mavis; Sipher, a multiplayer online battle arena (MOBA) game combined with NFT technology; Coin98, a multi-chain wallet and DeFi gateway; or Alaca, a decentralised finance hub and stablecoin platform powering cross-blockchain liquidity and applications.
The firm also said that it has expanded Fund II’s limited partner network globally including some of the largest public corporations with active practices in Web3. They are industry experts in a wide range of sectors such as gaming, K-pop, finance, consumer electronics, and social media.
Since its inception, the firm has made over 30 strategic investments and is expanding its footprint in key markets such as Singapore and India.
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Image Credit: Hashed
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