"Hushed" in South Korea launched a new blockchain startup fund.
"Hushed", one of the largest crypto asset fund management companies in South Korea, has raised 120 billion won ($ 110 million) to fund new blockchain projects in the so-called "protocol economy".
The funds were raised through "Hushed Ventures Inc"., a new entity that will oversee the publication of the nine-digit investment. The company has yet to reveal its supporters, although a spokesperson indicated that some of South Korea's largest IT companies are participating.
The company said in the advertisement:
"Hushed" plans to invest heavily in local and overseas startups that want to realize the 'protocol economy', which has recently emerged as a hot topic, as well as technology companies in the blockchain space by forming this first fund."
The fund will invest in local and global startups that use blockchain technology to disrupt the "protocol economy," an umbrella term that describes emerging platforms and applications.
Hashid is marketing itself as a team of blockchain experts pushing towards decentralization. The company's investment portfolio includes dozens of cryptocurrency companies, including notable blockchain ventures such as Ethereum, EOS, Ontology, Icon and Cape Network.
The company's investments are currently spread across blockchain platforms, financial infrastructure, apps, and publishing houses.
South Korea has emerged as a hub for blockchain development and digital asset markets despite government stringent measures on ICOs and local exchanges. More recently, the country's influential cryptocurrency lobbying group managed to delay a new tax regime on digital assets until 2022, giving local companies more time to adjust to the rules.
