According to Cointelegraph, the funds were raised via Hashed Ventures Inc., a new entity that will oversee the deployment of the nine-figure investment. The company has yet to disclose its backers, though a spokesman noted that some of South Korea’s biggest IT companies are involved.
In the announcement, the company stated:
“Hashed plans to invest heavily in domestic and overseas startups that want to realize the’protocol economy,’ which has recently emerged as a hot topic, as well as technology companies in the blockchain field through the formation of this first fund.”
The fund will invest in domestic and global startups utilizing blockchain technology to disrupt the “protocol economy,” a broad umbrella term that describes emerging platforms.
Based in Seoul and Silicon Valley, Hashed markets itself as a team of blockchain experts pushing the needle on decentralization. The company’s investment portfolio includes dozens of crypto companies, including notable blockchain projects, such as Ethereum, EOS, Ontology, ICON and Kyber Network.
The company’s investments are currently spread across blockchain platforms, financial infrastructure, applications, pick-and-shovel plays and publishing.