Hashed, one of the first investors in LUNA, is preparing for his big comeback

After losing billions of dollars, Hashed, one of the first investors in the LUNA project, is preparing for his big comeback.

In an interview with BloombergSimon Seojoon Kim, founder of Hashed, revealed that his company intends to gain further momentum by launching a third venture capital fund by the end of August 2023.

Hashed has lost billions of dollars following the collapse of the Earth (LUNA), but he has no plans to throw in the towel. The company held over 30 million LUNA tokens, equivalent to $ 3.5 billion when the cryptocurrency was in full swing.

“There is no portfolio in the technology sector that guarantees success and we base our investments on this philosophy. We believe in community building and that has never changed, ”said Kim.

Hashed is all about blockchain games

The Hashed founder also revealed that the new fund will focus on GameFi projects. According to him, the industry has grown from a small niche to one of the major segments of distributed ledger technology.

The GameFi sector has withstood the storms of the cryptocurrency winter and continued to grow despite the pitfalls that stood in its way. Mr. Kim therefore believes that the rise of GameFi projects will allow for the creation of “a large number of jobs”, as assets worth several million dollars are traded between the real and virtual worlds.

The total amount of funding provided to cryptocurrency companies has decreased by 31% since the beginning of the year. Despite this crisis, Hashed is betting everything on blockchain games and has no plans to give up.

Note, however, that this isn’t the first time Mr. Kim has been interested in GameFi. His company was in fact one of the first investors in The Sandbox, a thriving metaverse, and in Sky Mavis, the parent company of Axie Infinity.

A reputation tainted by the collapse of the Earth

The fiasco caused by the collapse of Terra (LUNA) dealt a severe blow to Mr. Kim’s reputation, particularly when the South Korean media accused him of profiting from the fall of the project. However, Luna’s former supporter denied any involvement, saying he lost 99% of his initial investment.

In response to those accusing him of promoting LUNA before liquidating its tokens, Mr. Kim said: “the assets we invest in are experimental, and we have always been careful not to give any investment advice”.


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