In an announcement last week, South Korean based blockchain investment group, Hashed announced that it had raised at least $120 million for its inaugural crypto venture fund. The crypto venture will operate initially as Hashed Ventures, Inc. It is expected to run its business around the group’s core business areas by investing in blockchain startups.

Speaking to the press on the new funding, Hashed CEO Simon Kim has said the purpose of the new venture is to usher in an era of protocol economy. Simon further expects the Korean domestic startup scene to witness a resurgence of the country’s blockchain industry, attracting both government and institutional support for his firm’s innovation.

Venture Capital funding on the rise

The year had witnessed a lot of funding, especially in the crypto space. Earlier this month, India’s leading digital cryptocurrency company, CoinDCX, reportedly raised about $14million from prominent crypto firms worldwide, a move led by popular blockchain technology company Block.one. The move by CoinDCX represents the third time this year, and it has raised funds.

With Hashed new initiative raising funds via Venture Capital, Some three years ago was different, as many firms used the initial coin offering (ICO) route to raise funds. The case is not the same now, as many firms now rely totally on Venture Capital. It is yet unknown how many firms participated in Hashed’s venture funding.

Still, the company, in an official statement, revealed that most of the investments came from South Korea’s larger information technology firms and conglomerates. In the statement, the company mentioned that due to legal consequences, it’s not obliged to mention names of investors.

Hashed Group continues to offer support to other firms

The investment group founded in 2017 by a team of serial entrepreneurs and engineers is the preeminent blockchain firm in Asia with a portfolio that spans the globe. Since its inception, Hashed continues to be a major source of support to many firms around South Korea and its environs.

Earlier in the year, Hashed group announced its partnership with Kookmin Bank (KB), the largest commercial bank in South Korea, for offering digital currency custodian services. Hashed CEO, Simon Kim, speaking on the partnership, believes that combining his company’s insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers and the country in ushering the new era of digital transformation.

It is worthy to note that apart from Hashed’s new venture fund, the firm also boasts a long portfolio list of backed projects, including Kakao’s Klaytn, Line’s Link, Ontology, and ICON. The cryptocurrency space is witnessing an outburst of many prominent blockchain-tailored venture funds are springing up as the need arises. In a news report earlier in the month, the creation of the first venture capital fund by Draper Goren Holm had raised a gross amount of $25 million already.