According to Bloomberg, Hashed, a crypto investment firm based in Seoul, South Korea, has announced a partnership with Abu Dhabi's global tech ecosystem, Hub71. The collaboration aims to introduce more Korean startups to the United Arab Emirates (UAE), particularly those in the fintech and digital assets sectors. Hashed is also considering opening an office in Abu Dhabi and exploring potential fundraising opportunities in the UAE capital.
Established in 2017, Hashed manages approximately $700 million in assets and has offices in various locations worldwide, including San Francisco and Singapore. The company's CEO, Kim, stated in an interview that Hashed is actively seeking to expand overseas due to the challenging environment for startups in South Korea. This is due to several factors, including the difficulty of expanding the domestic market.
Kim expressed his excitement about the prospect of welcoming more Korean startups to Abu Dhabi and attracting promising Web3 and digital asset technologies to the UAE capital. He also mentioned that Hashed is already assisting some South Korea-based companies, valued at over $1 billion, to enter the Abu Dhabi market. However, he did not disclose the names of these firms, stating that the process is still ongoing.
Kim highlighted the UAE as a special market for Hashed, citing Abu Dhabi's friendly and clear regulatory guidance for Web3 startups. He also noted the global popularity of Korean content, such as K-pop music and drama, and South Korea's long-standing relationship with the UAE in building nuclear power plants, as advantages for Korean startups looking to enter the Middle East.
While Hashed is headquartered in Seoul, most of its portfolio companies are based outside South Korea. Some of its well-known portfolio companies include Bored Ape creator Yuga Labs, decentralized derivatives exchange dYdX, and blockchain-based game Axie Infinity. Hashed was also an investor in the unsuccessful TerraUSD algorithmic stablecoin.