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

The funds were raised via Hashed Ventures Inc., a new entity that will oversee the deployment of the nine-figure investment. The company has yet to disclose its backers, though a spokesman indicated that some of South Korea’s largest IT companies are involved.

In the announcement, the company said:

“Hashed plans to invest heavily in domestic 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 field through the formation of this first fund.”

The fund will invest in domestic and global startups utilizing blockchain technology to disrupt the “protocol economy,” a broad umbrella term that describes emerging platforms and applications.

Based in Seoul and Silicon Valley, Hashed markets itself as a team of blockchain experts pushing the needle on decentralization. The company’s investment portfolio includes dozens of crypto companies, including notable blockchain projects like Ethereum, EOS, Ontology, ICON and Kyber Network.

The company’s investments are currently spread across blockchain platforms, financial infrastructure, applications, pick-and-shovel plays and publishing.

South Korea has emerged as a hotbed of blockchain development and digital asset markets despite government crackdowns on initial coin offerings and domestic exchanges. Recently, the country’s influential crypto lobby was successful in delaying a new tax regime on digital assets until 2022, giving local businesses more time to adapt to the rules.

In a comment to Cointelegraph, Simon Kim, CEO of Hashed has stated that: 

"2020 has been another year with ups and downs but blockchain technology has never stopped to prove its fundamental development. We are really excited to discover teams in the crypto space and we look forward to working with them."