Hashed Ventures, a blockchain-focused venture capital firm located in South Korea, has secured US $200 million for its Fund II to support the global blockchain ecosystem.
With the new fund, Hashed is doubling down on Web3, a decentralised version of the internet in which users manage their own data and create a public record of their actions on the blockchain, including purchasing, socialising, and working.
He also voiced confidence in Web3’s ability to rebuild trust and allow new forms of governance in which people make crucial decisions about how the metaverse should be defined collectively.
The new round of investment comes about a year after Hashed Venture Fund I received its first US $120 million pledge.
“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.”
Jinwoo Park, a co-founder of Hashed, said last week that his business OFF, located in Singapore and Korea, had received US $3.5 million in venture investment. MYTY, an NFT-based social metaverse platform, is being developed by the firm with the goal of creating an open ecosystem for avatar-based microverses.
Hashed Venture is an early-stage investment business focused on blockchain and cryptocurrencies that was founded in 2017. Its investment thesis focuses on Web3, which is projected to alter customers’ interactions with the next generation of the internet, such as NFTs, DeFi, GameFi, and other similar technologies.
Hashed also runs Hashed Lounge, a premium blockchain meetup group, Hashed Post, a cryptocurrency blog that interviews innovators and thought leaders, and Hashed Night, a world-class conference, events, and networking brand, in addition to its financing efforts.
The firm promises to be able to smoothly access the global market for its portfolio firms, allowing them to bootstrap their communities and the company-building process.
So far, Hashed has invested in a number of SEA-based projects, including Axie Infinity, a play-to-earn game developed by gaming unicorn Sky Mavis; Sipher, a multiplayer online battle arena (MOBA) game combining NFT technology; Coin98, a multi-chain wallet and DeFi gateway; and Alaca, a decentralised finance hub and stablecoin platform that powers cross-blockchain liquidity and applications.
Fund II’s restricted partner network has also been expanded internationally, according to the business, with some of the top public corporations with active Web3 practises. Gaming, K-pop, banking, consumer electronics, and social media are just a few of the industries in which they are specialists. The company has made over 30 significant investments since its foundation and is extending its reach in major regions including Singapore and India.
