South Korean-based Venture Capital firm, Hashed has raised the sum of $200 million to fuel its encompassing investments in Web3.0 related innovations.
South Korea's most famous cryptocurrency venture capital Hashed announced that it has raised US$200 million for its Web3.0 fund. Hashed's early investment success projects include Axie Infinity, The Sandbox, Terra, etc.
— Wu Blockchain (@WuBlockchain) December 1, 2021
Renowned as one of the most prestigious VCs in South Korea, Hashed describes itself as comprising a team of blockchain experts and builders based in Seoul and Silicon Valley.
The organization believes that decentralization has the power to transform not only the global economy but the very fabric of the internet, and this informs its dogged investment into protocols that tend to advance these tenets. As a portfolio, Hashed has previously backed projects like Axie Infinity, The Sandbox, and Terra amongst others.
The Hashed funding revelation came after South Korean regulators hit another full-year delay in regulating the crypto ecosystem as reportedly earlier by TheCoinRise. While the lawmaker’s focus is essentially on taxation and in finding the right way to regulate the cryptospace, the Chairman of the Tax Subcommittee, Kim Young-jin, highlighted that;
“THERE IS AN INCONSISTENT SYSTEM FOR IMPOSING TAXES WITHOUT A CLEAR BASIS ON HOW TO LEGALLY DEFINE CRYPTOCURRENCIES IN OUR SYSTEM… BUT ONLY IN KOREA DOES TAXATION COME BEFORE REGULATION.”
With taxation out of the core concerns for venture capital firms like Hashed, more focused investments into the most innovative protocols that are changing the course of the future web now remain the core agenda.
Venture Capital Funding Base Shifting
The value of venture capital investments in the decentralized financial ecosystem took great leaps this year as it surged globally, from $3.1 billion in 2020 to $21.3 billion by November 30 of this year. Corporate institutions are leaving no stone unturned as various aspects of the blockchain ecosystem are notably receiving backing from the big money holders.
From what is being reported by global media, the majority of Venture Capital firms are concentrated in North America and Europe with only a few operating in Asia. The emergence of outfits like Hashed is shifting the base for venture capital funding and will help fasttrack the attainment of the core goal of decentralization, which is to cover all areas where innovation springs forth from.