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South Korea Based Firm Raised a Fund of $120 Million for Crypto Deals

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Shivangi Mujumdar Follow

INDIA

Jan, 11 2021

Jan, 11 2021

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The South Korea based blockchain firm, Hashed has raised $120 million in order to focus on today's span of distributed networks.  

Hashed Ventures Inc., the new entity of the firm believes that the people of our society prefers to work for different protocols rather than working for particular companies. So, the company’s mission is to provide the best networks that enable the work and life of individuals, said Simon Kim, Chief Executive Officer of Hashed. 


The company refused to reveal its investors but it denoted that in the first place, the backing came from the key firms of information technology and other conglomerates of Korea. 


Previously, Hashed has invested in the payments startups of Chai and an Ethereum based investing startup set and many so on. 


As per reports, Hashed will invest the newly raised fund in blockchain and other startups of technology that can encourage protocol economy.  


An open economy is designated by the protocol economy which is assisted by consensus-driven and liberated contracts and through digital assets, it can also reward its participants.  


In August,  the investment firm, Hashed announced its partnership with one of the largest banks of South Korea named KB Kookmin Bank in order to build a Koda, a holistic platform to handle digital assets of amalgamated customers as well as individuals.  


In 2017, it was founded that the portfolio of the firm includes Japanese blockchain firm link, Vietnam’s TomoChain, Klaytn, a South Korean service-centric blockchain platform, and Oasis Labs, the U.S. cloud computing platform and the centre of attraction of these platforms is to solve the expandable issues on blockchain platforms.  


In the upcoming years, there will be a significant increase in the revenues from global blockchain technology as the market is expected to outstretch above the US $ 39 billion by 2025. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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