Hashed, a Korean blockchain-based VC firm has confirmed the launch of a new fund that will focus on Web 3.0 investments.
It disclosed that $200 million would be made available through its new fund, Hashed Venture Fund ll, to incubate startups in the Web 3.0 arena which would include decentralized finance companies and play-to-earn initiatives.
Hashed plans to use this fund to expand its influence and reach a global scale, and also connect with creators in different places.
Baek Kim made this announcement for Hashed in a letter saying: “In addition to our San Francisco and Seoul offices, we are expanding our Singapore office and also scaling our impact in key markets carefully”
The company held back on the investors behind this new fund but provided general guidelines that will surround the investments of the initiative. The funds will be directed to companies in the metaverse, web 3.0 infrastructure, and open finance.
Asides from investing in play-to-earn initiatives, the company also invested in metaverse-based games such as Axie Infinity and Sandbox before, so the announcement is no surprise in this field.
It is interesting to note that the company is focused on building web 3.0 infrastructure that could be used by other protocols.
The Hashed announcement stated that they are focused on solving problems that improve end-user experiences, web3 services safer for mass adoption, and designing metaverse games that are engaging.
The company is working together with UNOPND, a sibling gaming company, to design its own play-to-earn experiences.
This marks the second fund Hashed has launched in a year, closing $120 million for similar investments with the last one.
Hashed was founded in 2017 by a team of serial entrepreneurs and engineers. It is an Asian-based blockchain firm that aims to reinvent the global financial system, overlaying the power of the internet onto human ones.
Hashed aims to empower new age entrepreneurs and also invest their resources in innovators in order to accelerate mass adoption of blockchain.
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates.