Hashed Plans to Raise More Funds After Losing $3.6B in Terra Fiasco

South Korean blockchain venture capital firm Hashed announced that it will raise more funds for GameFi projects, after having lost more than $3.5 Billion to the Terra LUNA crash.

Bloomberg interviewed Simon Seojoon Kim, CEO of Hashed, about his belief in crypto assets. He said that he will continue to support promising projects despite the huge losses his company suffered two months ago.

Hashed Confirms $3.5B Loss to Luna Crash

Hashed was established in 2017 by a group of serial entrepreneurs and engineers. Venture capital firm Hashed has supported many well-known blockchain projects since then, including Sky Mavis’s play to-earn game Axie, and The Sandbox.

Terra was founded by the VC in 2019. It was the first investor to support the project. In the years that followed Hashed’s exposure to Terra increased and, in 2021, Hashed participated in TerraForm Labs’ $25 million fundraising.

Kim claims that Terra’s early days saw the VC purchase 30 million LUNA tokens. When the cryptocurrency reached its peak in April 2022, the company’s LUNA holdings amounted to $3.6 billion. Hashed, however, lost all its tokens in the crash. The CEO pointed out that the company held 99% of its tokens throughout the entire fiasco.

Kim Remains Optimistic

Hashed, unlike other firms that were exposed to Terra, has managed to remain afloat and overcome the setback.

“In the tech sector there is no portfolio that guarantees success. We make our investments with this in mind. Kim stated that we believe in the growth of the community and that it has not changed.

Hashed has deployed half the $200 million raised in December, according to the CEO. Once the company exhausts its remaining capital, it plans to seek new financing.

The company plans to increase its investments in the GameFi sector. GameFi is a play-to-earn game that rewards users for playing games. These games combine blockchain concepts such as non-fungible tokens, NFT, and the metaverse to provide players with an immersive experience. In 2021, P2E games were most popular with Gods Unchained and Axie Infinity being the most successful.

Kim believes that the P2E gaming universe will be interconnected with the real one as blockchain gaming projects look at ways to allow users to exchange assets between virtual and real worlds.

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