Hashed, an early investor in the LUNA token, is plotting a major comeback after enduring a torrid time following Terra’s collapse.
In an interview with Bloomberg, Simon Seojoon Kim, founder of Hashed, revealed that his company will stage a comeback, setting the wheels in motion to raise a third VC fund by the end of August 2023.
He adds that he is not giving up on the industry after suffering losses running into billions of dollars following Terra’s collapse. Hashed held over 30 million LUNA tokens, reaching a valuation of $3.5 billion at the height of LUNA’s powers.
“In the tech sector, there is 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,” said Kim.
Hashed big on blockchain gaming
When asked about the kind of investments his new fund will be paying attention to, Kim stated that GameFi projects are his interests. He cited the growth trajectory of the sector from a small niche to becoming one of the main use cases of distributed ledger technology.
GameFi has weathered the storms of the crypto winter, making steady strides in the face of unfavorable headwinds. Kim claims that the rise of GameFi projects will lead to the creation of “a vast number of jobs” as assets worth millions of dollars are exchanged between the real world and the virtual.
His decision to go all-in with a new fund stands in contrast with the available data. VC funding for blockchain companies has taken a hit in recent months, a staggering 31% decline from the start of the year.
However, this is not Kim’s first rodeo with GameFi. His company was an early investor in the Sandbox, a fast-rising metaverse world, and in Sky Mavis, creators of Axie Infinity.
Dented reputation
The fiasco around Terra’s collapse has damaged Kim’s reputation after local South Korean news outlets accused him of profiting from the implosion. However, he denied involvement, saying that he lost 99% of his early investment in the crash.
“The assets that we invest in are experimental, and we have always kept it a rule to not make any trade recommendation,” he said. His comments were a rebuttal to claims that he hyped up the LUNA before dumping them on other unsuspecting investors.
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