Hashed, one in all South Korea’s largest crypto asset fund managers, has raised $120 million to fund new blockchain ventures within the so-called “protocol financial system.”

The funds had been raised by way of Hashed Ventures Inc., a brand new entity that can oversee the deployment of the nine-figure funding. The corporate has but to reveal its backers, although a spokesman indicated that a few of South Korea’s largest IT firms are concerned.

Within the announcement, the corporate said:

“Hashed plans to speculate closely in home and abroad startups that wish to understand the’protocol financial system,’ which has not too long ago emerged as a scorching matter, in addition to expertise firms within the blockchain discipline by the formation of this primary fund.”

The fund will put money into home and international startups using blockchain expertise to disrupt the “protocol financial system,” a broad umbrella time period that describes rising platforms and purposes.

Primarily based in Seoul and Silicon Valley, Hashed markets itself as a staff of blockchain consultants pushing the needle on decentralization. The corporate’s funding portfolio consists of dozens of crypto firms, together with notable blockchain tasks like Ethereum, EOS, Ontology, ICON and Kyber Community.

The corporate’s investments are presently unfold throughout blockchain platforms, monetary infrastructure, purposes, pick-and-shovel performs and publishing.

South Korea has emerged as a hotbed of blockchain growth and digital asset markets regardless of authorities crackdowns on preliminary coin choices and home exchanges. Not too long ago, the nation’s influential crypto foyer was profitable in delaying a brand new tax regime on digital belongings till 2022, giving native companies extra time to adapt to the foundations.

Hashed didn’t instantly reply to a request for remark.