One in all South Korea’s main blockchain evangelists is embarking on one other large 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 relating to 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 employees growth, partnerships and advertising and marketing.
It has attracted big-name financiers akin 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 numerous notable firms and blockchain initiatives akin to Klaytn, the general public blockchain of South Korean mobile giant Kakao. Hashed investments often vary from round $1 million to $10 million per firm.
The portfolio is in depth and likewise contains Dfinity, the creator of the Web Laptop, Ethereum side-chain platform SKALE, Korean blockchain community ICON, and several other DeFi initiatives akin to lending platform MakerDAO, Synthetix, Kyber Community, decentralized change 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 wish to maximize their revenue, however additionally they wish to be taught concerning the market by way of us,” based on Bloomberg.
He added that the blockchain know-how market continues to be nascent which is a big upside for traders.
There was a report quantity of enterprise capital funds investing in crypto and blockchain this yr. 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 throughout the second half of the yr.