The South Korean cryptocurrency “Jedi Master” is planning to set up a second blockchain VC fund

One of South Korea’s primary blockchain evangelists is launching one other huge blockchain cryptocurrency fundraiser after the success of his first one.

Simon Seojoon Kim plans to increase $ 173 million for a second blockchain fund after the primary fundraised $ 120 million from traders in December 2020. The brand new fund and its potential traders are very slim.

Kim, referred to as “The Jedi Master of Cryptocurrency” by Sean Park, Senior Partner on the Boston Consulting Group based mainly in Hong Kong, was a co-founder of the blockchain and crypto enterprise capital agency. The firm invests in crypto startups to make it doable to develop by employees enlargement, partnerships, and advertising.

It has attracted big-name financiers like Naver, South Korea’s third-largest firm by market worth, which invested $ 12 million within the first hashed blockchain fund.

The Seoul-based firm serves traders within the west as a gateway to the Asian market. It has invested in various notable blockchain corporations and initiatives comparable to Klaytn, the general public blockchain for South Korean cell phone big Kakao. Hash investments usually vary from around $ 1 million to $ 10 million per firm.

The portfolio is very wealthy and in addition consists of Dfinity, the creator of the Internet pc, the Ethereum sidechain platform SKALE, the Korean blockchain community ICON, and several other DeFi initiatives such because the MakerDAO credit score platform, Synthetix, Kyber Network, the decentralized change dYdX, and the stablecoin platform Terrace.

Kim efficiently turned an early investor in Ethereum shortly after the community launched in 2015. Speaking of investing within the trade, he stated, “Our investors want to maximize their returns, but they also want to learn about the market through us,” declared Bloomberg.

He added that the blockchain expertise market is nascent, an enormous vantage level for traders.

Related: Which bear market? Investors toss report cash behind blockchain corporations in 2021

During these 12 months, there was a report variety of enterprise funds investing in crypto and blockchain. In the primary half of 2021, the funding sums greater than doubled compared to all earlier years mixed.

Around $ 17 billion in enterprise capital went into blockchain initiatives between January and June and Hashed plans to unlock extra of that within the second half of the 12 months.