The funds were amassed through Hashed Ventures Inc., an enterprise that will manage the allocation of money in various projects.
The fund is yet to reveal the investors, although an official representative of the fund hinted that some of the largest South Korean IT enterprises are involved.
In a media release, the company said:
“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 intends to acquire stake in local and international startups that uses blockchain technology to create path-breaking change in the “protocol economy,” a general phrase used to refer budding apps and platforms. Hashed, with headquarters in Seoul and Silicon Valley, promotes itself as a group of blockchain professionals that is focused on decentralization.
The investment portfolio of the company consists of a plethora of firms, including prominent blockchain ventures such as Ethereum, EOS, ICON, Ontology and Kyber Network.
Currently, company’s investments are widespread across financial framework, blockchain platforms, publishing, applications and pick-and-shovel sectors. South Korea has transformed into a hotbed of digital asset markets and blockchain advancement in spite of government clampdowns on ICOs (initial coin offerings) and domestic crypto exchanges.
Of late, South Korea’s powerful cryptocurrency faction was triumphant in postponing fresh tax governance on crypto assets until 2022, paving way for domestic enterprises additional time to conform to the laws.