The Hashed Venture Fund II will particularly focus on Web3 developments, especially the gaming ventures that are operating in the metaverse space.
On Wednesday, December 1, a South Korea-based blockchain investment fund Hashed raised $200 million to capitalize on its growth in the Web3 sphere. Last December 2020, the company had already announced its $120-million Hashed Venture Fund I. Thus, this Hashed Venture Fund II is a sequel to it.
Hashed hasn’t specifically named the investors who participated in this funding round. However, it said that the funds came from “the largest Korean IT companies, multi-discipline conglomerates and globally renowned investment firms”.
Hashed has been an active investor in the Web3 gaming space for the last five years. It has also invested in some of the very big projects like The Sandbox and Axie Infinity. Besides, South Korea-based Hashed was an early investor in the Terra blockchain. LUNA, the native cryptocurrency of Terra is currently trading at its all-time high levels at $65. In the official press release, Simon Kim, CEO & Managing Partner of Hashed said:
“As we take our second step in solidifying our position in the global blockchain and technology sector, we are excited that our team’s vision is coming into reality”.
Hashed Observes Growing Institutional Interest in Web3
Hashed said that there’s been a growing interest from institutional players in the Web3 space. These players are looking to enter early in this tech space as it evolves to gain mainstream adoption. As a result, they are looking to back long-term projects that can offer consistent growth.
Sean Hong and Baek Kim, two executives of Hashed, will also join the Hashed Venture Fund II as partners. These two players have been promoted for their significant contribution to the company.
Hashed also noted that investors have been quick enough to put money into metaverse development. This is particularly true for gaming-related ventures. In the press release, Hashed CEO Simon Kim adds:
“Just a few years ago, people doubted whether we would be able to transition our offline experience to online, but now people no longer question the value of digital assets such as NFTs and related products to be used in the metaverse. This change in our perception indicates that we have been right.”
Post Facebook’s rebranding as Meta, several metaverse projects have come to the limelight suddenly. Over the last few weeks, several cryptocurrencies linked to the metaverse have been skyrocketing speedily.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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