One in every of South Korea’s main blockchain evangelists is embarking on one other enormous blockchain fundraise following the success of his first.
Simon Seojoon Kim is planning to lift $173 million for a second blockchain fund following the success of the preliminary one which netted $120 million from investors in December 2020. Specifics concerning the brand new fund and its potential traders are skinny on the bottom nonetheless.
Kim, dubbed “the Jedi Grasp of cryptocurrency” by Sean Park, a senior accomplice at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto enterprise capital agency Hashed in 2018. The agency invests in crypto startups to allow them to develop by way of workers enlargement, partnerships and advertising.
It has attracted big-name financiers equivalent to Naver, South Korea’s third-largest firm by market worth, which invested $12 million within the first Hashed blockchain fund.
The Seoul-based firm serves as a gateway to Asian markets for traders within the West. It has invested in quite a lot of notable corporations and blockchain initiatives equivalent to Klaytn, the general public blockchain of South Korean mobile giant Kakao. Hashed investments normally vary from round $1 million to $10 million per firm.
The portfolio is intensive and likewise consists of Dfinity, the creator of the Web Pc, Ethereum side-chain platform SKALE, Korean blockchain community ICON, and a number of other DeFi initiatives equivalent to lending platform MakerDAO, Synthetix, Kyber Community, decentralized trade dYdX, and stablecoin platform Terra.
Kim made his fortunes by being an early investor in Ethereum simply after the community launched in 2015. Concerning business funding, he acknowledged “our traders need to maximize their revenue, however additionally they need to study concerning the market by way of us,” based on Bloomberg.
He added that the blockchain expertise market remains to be nascent which is a large upside for traders.
There was a document quantity of enterprise capital funds investing in crypto and blockchain this 12 months. The primary half of 2021 noticed greater than double the quantity invested than all earlier years mixed.
Round $17 billion of venture capital cash was channeled into blockchain initiatives between January and June and Hashed is trying to faucet into extra of it through the second half of the 12 months.