HASHED Venture Fund II: $200M for Web3 Adoption
We started Hashed in 2017 with one strongly held mission.
Empowering mass adoption of the decentralized future through ecosystem building and incubating the next generation of founders
We have structured Hashed as a platform to be the earliest and most hands-on partner to build together. The mission is realized by our portfolio founders with whom we were fortunate to grow together the past years.
When we say global, we don’t want to be the East and West cross-border fund. We go where our founders are.
Cultivating founders locally but scaling impact globally
Since 2017, we would walk over to Terra’s Seoul office every week to build out early iterations of the protocol. When we first met Axie Infinity in 2018, we flew to Ho Chi Minh, Vietnam to work together on token models and community building. In 2019, we invited the Sandbox team to Korea to build with us in our Seoul office.
Today, we are carefully scaling our impact in key markets. In addition to our Seoul and San Francisco offices, we are expanding our Singapore office with Joseph and Edward. We built a Bangalore, India office with Tak and Arvind with the help of local Hashed portfolio founders.
We are thankful to expand our limited partner network globally via the Hashed Venture Fund II. We pride ourselves that 90%+ of our limited partners are builders. They are corporations with active practices in web3 with many being the largest public companies in their sector operating multi-billion businesses across gaming, K-pop, fintech, consumer electronics, and social media.
To aid with our vision and to continue to collaborate effectively with our portfolio founders, the Hashed team is promoting Sean Hong and Baek Kim, two earliest members of Hashed, as General Partners. Sean Hong currently serves as the CFO at Hashed, having made crucial contributions overseeing finance and legal operations as well as investor relations. Baek Kim presently leads global investments at Hashed, having spearheaded investments in Metaverse and Web3. Baek has worked closely with portfolio companies such as Terra, Axie Infinity, Set Labs, dYdX, ZKSync, and others to consolidate Hashed’s ecosystem approach in investments.
We will continuously focus on our mission with key three areas:
Metaverse
We are radically optimistic about web3’s potential to restore trust and enable new kinds of governance where players collectively make critical decisions about how the metaverse should be defined.
Today, most games and ‘metaverses’ are like visiting Disneyland Park. Players pay the entrance fee, pay for amenities inside, play, leave with nothing. As more and more human activities migrate from the real world to the virtual world, hard problems will rise. By facilitating discussions around what behaviors are permitted, how economic benefits are distributed, and how contents can be made, we tackle these problems together with founders by iterating fast and learning by building.
Open Finance
Cryptocurrency is poised to transform all aspects of our lives. This is a new stack of financial infrastructure — disrupting investing, money markets, asset management, insurance, crowdfunding, and more. We believe in open access for financial opportunities to anyone globally. By doubling down in regions with a lack of access to economic mobility, stable reserve currencies, and domestic capital markets, we are combining efforts with founders to accelerate mass adoption of decentralized money along with founders from Terra, Coin98, Krystal, Republic, Set, dydx, OnJuno, Ledn, Acala, and more. We will continue to focus on opening the building blocks of finance to the potential of creative composability that makes open-source software so powerful.
Web3 Infrastructure
Despite the current momentum, we are still at the very early stages of what is possible. We are only scratching the surface of the yet-to-be-imagined applications that entrepreneurs could envisage.
There are endless technical and practical problems in Web3 across governance, privacy, scaling, identity management, data structures, messaging, and security. We will focus on solving problems that improve end-user experiences, designing more engaging metaverse games, and making web3 services safer for mass adoption. In just a decade of existence, Web3 has gone through several waves. Asset prices may fluctuate but innovation continues to increase through each wave. With each new wave, the adoption of web3 will expand to a greater number of demographics and more visionary entrepreneurs to enter the space.
We are BUILDERS by heart and will continue to BUIDL
When we say we are a hands-on investor, we mean it. With Edward Hong’s leadership as a head of platform, we are building products and services on top of our key portfolios to grow the ecosystem together. Hashed is a platform with endless possibilities to reimagine anything that could accelerate the mass adoption of the decentralized future.
Game Studio
Earlier this year, we acquired two game studios from AAA game publishers in Asia to further our influence in entertainment, culture, and social communities on our portfolio protocols. With a team of 40+ game designers, economists, and community builders UNOPND Studio is building several Play-to-Earn games, open metaverse, and creator economies.
Crypto Custody for Asia
We partnered with the largest bank in Korea KB Bank to build KODA. It’s the institutional digital asset custody solution for Asian enterprises and conglomerates to have compliant, safe and local access to digital assets. In addition to providing custody and access to OTC, KODA will perform anti money laundering procedures such as screening deposit and withdrawal addresses. KODA offerings will also include legal, accounting, tax advice, insurance, settlement, staking, fund management and lending. We will continue to drive and guide institutional adoption of the decentralized future.
$200M for Web3 Adoption
Today marks a new chapter for Hashed. There has never been a more exciting time to work in crypto, and we are grateful to our investors for their ongoing support and to the founders who’ve entrusted us to grow together.
