Hashed plans to raise more money after losing $3.6 billion in Terra Fiasco

Hashed’s CEO remains optimistic and plans to invest in more crypto projects despite the company’s $3.6 billion Terra exposure.

Korean blockchain venture capital firm Hashed has revealed that it plans to raise more funds to support GameFi projects after losing more than $3.5 billion to the Terra LUNA crash in May.

Hashed CEO Simon Seojoon Kim told Bloomberg in an interview that he remains bullish on the crypto-asset and will continue to support promising industry projects despite the massive losses that he has incurred. his company suffered two months ago.

Hashed Confirms $3.5 Billion Loss For Luna Incident

Hashed was founded in 2017 by a group of serial entrepreneurs and engineers. Since then, the venture capital firm has backed many popular blockchain projects, including The Sandbox and Sky Mavis’ money game Axie Infinity.

VC first invested in Terra in 2019, making it one of the earliest investors backing the project. Hashed increased its exposure to the Terra ecosystem in the years that followed, and in 2021 the venture capital firm participated in TerraForm Labs’ $25 million fundraising.

According to Kim, the VC bought 30 million LUNA tokens in the early days of Terra. The company’s LUNA stock was worth $3.6 billion when the cryptocurrency traded at an all-time high in April 2022. Hashed, however, lost everything in the crash, as The CEO noted that the company held 99% of its tokens through the entire failure.

Kim is still upbeat

Unlike some companies that went underwater due to exposure to Terra, Hashed managed to stay afloat and weathered failure.

In the technology sector, there is no portfolio that guarantees success, and we make investments with that in mind. We believe in community growth and that has never changed,” Kim said.

The CEO also revealed that Hashed deployed half of the $200 million it raised in December. The company plans to secure new funding when the remaining old capital is used up.

The company intends to increase investment in the GameFi sector. GameFi refers to blockchain games that play to earn bonuses for users who play the game. These games also incorporate blockchain concepts like non-fungible tokens (NFTs) and metaverse to give players immersive experiences. P2E games are going to be popular in 2021, with games like Axie Infinity and Gods Unchained (GODS) delivering the highest returns.

Kim believes that the P2E gaming metaverse will become connected to the real world as blockchain gaming projects explore ways to allow users to exchange assets between the virtual and real worlds.