n 2023, South Korea's leading crypto venture, Hashed, took the crypto world by storm with a total of 29 investments, amounting to a staggering $28.44 million. Despite the challenges faced during the crypto winter, Hashed managed to forge numerous new investments in blockchain infrastructure and gaming projects.
Investing in Early-Stage Ventures
Hashed's primary focus was on early-stage ventures that had the potential to attract more users by enhancing blockchain infrastructure and integrating content and intellectual property rights. They were keen on supporting startups that could leverage blockchain technology in various fields such as O2O platforms, sharing economy initiatives, and artificial intelligence startups. This strategic approach ensured a well-diversified portfolio that offered growth potential across different sectors.
Equal Distribution Across Sectors
Out of the 29 investments, Hashed allocated its funds relatively equally across different sectors. Blockchain infrastructure, games, and finance each accounted for 21% of the investments. This shows Hashed's commitment to supporting projects that strengthen the foundation of the crypto ecosystem, as well as those that cater to the gaming industry and financial services. Additionally, 15% of the allocations were directed towards IP and content-related startups, highlighting Hashed's interest in projects that focus on content creation and ownership in the blockchain space.
Geographical Distribution of Investments
Hashed's investments were not limited to South Korea alone. In fact, South Korea accounted for 38% of the total investments, making it the largest share. North America followed closely at 21%, while Europe and other Asian regions, including Singapore, accounted for 7% and 34% respectively. This global distribution demonstrates Hashed's commitment to supporting promising projects regardless of their geographical location, and their recognition of the potential for innovation in different parts of the world.
Notable Investments and Follow-ups
Among the 29 investments, Hashed made 20 new investments in early-stage startups ranging from seed to Series A stages. These included ventures such as Radius, a shared sequencing layer developer, Decentralized Gaming Ventures (DGV), a web 3.0 game venture studio, Another Ball, the operator of the Virtuber platform Izumo, and DeLabs, a Web3 gaming studio.
Additionally, Hashed made nine follow-up investments in companies like Archway, a Cosmos-based DApp developer compensation layer-1 project, Payhere, a mobile-based POS platform, and DFNS, a decentralized API solution for digital asset custody. These follow-up investments demonstrate Hashed's commitment to supporting the growth and development of companies they have previously invested in, further strengthening their portfolio.
Contributions to the Web3 Ecosystem
Apart from investments, Hashed actively contributes to the Web3 ecosystem through various initiatives. They have supported numerous meetings, including hackathons for college students, and provided assistance for blockchain conferences. Co-hosted with FactBlock, Korea Blockchain Week has become one of the largest blockchain events in Asia, attracting over 10,000 participants. Hashed's Protocol Camp, a Web3 builder boot camp, has successfully completed five batches with a total of 59 graduates.
Another significant contribution is Hashed Open Research (HOR), a policy think tank that engages in research and policy proposal activities. HOR publishes regular reports and organizes seminars, furthering the understanding and adoption of blockchain technology.