Groundbreaking LUNA Investor Hashed Plots Crypto Comeback
Hashed, an early investor in the LUNA token, is planning a big comeback after going through a rough time following Terra’s collapse.
In an interview with BloombergSimon 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 billions of dollars in losses following Terra’s collapse. Hashed had over 30 million LUNA tokens, reaching a value of $3.5 billion at the height of LUNA’s powers.
“In the technology sector, there is no such thing as a portfolio that guarantees success, and we make our investments with that in mind. We believe in community growth, and that has never changed,” Kim said.
Hashed big on blockchain games
When asked what kind of investments his new fund will take into account, 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 most important applications of distributed ledger technology.
GameFi has weathered the storms of the crypto winter, taking steady steps in the face of adverse headwinds. Kim claims that the rise of GameFi projects will lead to the creation of “a large number of jobs” as assets worth millions of dollars are exchanged between the real and virtual worlds.
His decision to go all-in with a new fund contrasts with available data. VC funding for blockchain companies has taken a hit in recent months, down a staggering 31% year-to-date.
However, this isn’t Kim’s first rodeo with GameFi. His company was an early investor in Sandbox, a rapidly growing metaverse world, and in Sky Mavis, the creators of Axie Infinity.
Dented reputation
The fiasco surrounding 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 and said he lost 99% of his early investment in the crash.
“The assets we invest in are experimental and we have always kept it as a rule not to make any trading recommendation,” he said. His comments were a rebuttal to allegations that he hyped up LUNA before dumping them on other unsuspecting investors.
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