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Hashed Plans for Comeback with New Fundraise after Losing Big in Terra Crash

UTC by Bhushan Akolkar · 3 min read
Hashed Plans for Comeback with New Fundraise after Losing Big in Terra Crash
Photo: Susanne Nilsson / Flickr

The founder of Hashed is looking for his new big investments in GameFi and believes that the virtual gaming world will unlock new economic opportunities as well as job opportunities in the market.

South Korea-based blockchain VC firm Hashed is looking to make a comeback by launching its third venture capital fund in the first half of 2023. Hashed founder and CEO Simon Seojoon Kim recently confirmed the news with Bloomberg.

As per the report, Kim is looking to set up investments in GameFi projects. This typically includes blockchain-based games that allow players to own assets within them. Kim is popular in the crypto investing world for his investments in popular startups like The Sandbox and Sky Mavis.

However, Kim faced a major setback with the collapse of the Terra ecosystem earlier this year in May 2022. In the early days of the project Terra LUNA, Kim bought 30 million LUNA tokens and lost most of his investments during the crash.

As of LUNA’s peak price on April 5, Kim’s LUNA holdings would be worth $3.6 billion. Just before a month of its crash, the total market value of LUNA had soared to a staggering $41 billion.

But despite this major setback, Kim remains overall bullish on the crypto space. Thus, he noted that he will continue to invest in some appealing crypto projects in the market. Last December 2021, Hashed raised $240 billion won. The company has already invested half of these funds raised, so far in 2022. Speaking to Bloomberg Kim said:

“In the tech sector, there’s no such thing as a portfolio that guarantees success, and we make our investments with that in mind. We believe in the community’s growth, and that has never changed.”

However, the overall VC investments in the crypto space have turned south. During the second quarter of 2022, funding in crypto firms dropped to the lowest.

Hashed Comeback: CEO Bets Big on Virtual Gaming World

Hashed CEO Simon Seojoon Kim remains very much bullish on the virtual gaming world. He believes that this industry will become increasingly connected with the real economy.

Gaming powered by blockchain and non-fungible tokens (NFTs) will unleash a new gaming economy allowing players to seamlessly purchase assets in the virtual world. Kim said that could create “a vast number of jobs as assets are exchanged between the virtual and real worlds”.

Following the Terra LUNA crash in May, South Korean prosecutors unleashed a major whip on local exchanges. Interestingly, some of the local newspapers had also accused Kim of hyping the LUNA token. Some of “the assets that we invest in are experimental, and we have always kept it a rule to not make any trade recommendations,” Kim said.

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