Korean crypto ‘Jedi Master’ plans to launch second VC blockchain fund
One 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 buyers in December 2020. Specifics concerning the brand new fund and its potential buyers are skinny on the bottom nonetheless.
Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior associate 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 via workers enlargement, 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 buyers within the West. It has invested in quite a few notable firms and blockchain tasks akin to Klaytn, the general public blockchain of South Korean cellular large 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 Internet Computer, Ethereum side-chain platform SKALE, Korean blockchain community ICON, and several other DeFi tasks akin to lending platform MakerDAO, Synthetix, Kyber Network, decentralized exchange dYdX, and stablecoin platform Terra.
Kim made his fortunes by being an early investor in Ethereum simply after the community launched in 2015. Regarding trade funding, he said “our investors want to maximize their profit, but they also want to learn about the market through us,” in line with Bloomberg.
He added that the blockchain expertise market continues to be nascent which is a large upside for buyers.
Related: What bear market? Investors throw file money behind blockchain corporations in 2021
There has been a file quantity of enterprise capital funds investing in crypto and blockchain this 12 months. The first half of 2021 noticed greater than double the quantity invested than all earlier years mixed.
Around $17 billion of enterprise capital money was channeled into blockchain tasks between January and June and Hashed is trying to faucet into extra of it in the course of the second half of the 12 months.