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Hashed, a venture capital firm specializing in digital assets and blockchain, announced on the 23rd that it has participated as an anchor investor in Thoro Capital Management, which operates a private credit fund based on stablecoins.
Thoro Capital plans to raise a total fund of $300 million (approximately 400 billion won) to provide dollar-denominated loans backed by stablecoins to institutional investors and companies involved in digital assets. Hashed will participate as a major limited partner (LP) in the fund and support Thoro Capital's global business expansion.
Thoro Capital is an asset management firm founded by Mohamed Hamdy, co-founder and former managing partner of Further Ventures, which secured investment from the Abu Dhabi sovereign wealth fund. Ham Di (CEO) has been active for about 20 years in the venture capital and private equity (PE) sectors, gaining investment experience in the Middle East, Asia, and the United States. Recently, it has focused on digital asset infrastructure investments targeting capital markets and asset management firms.
Thoro Capital aims to tap into the fundraising market for digital asset companies. While traditional financial institutions have found it difficult to actively lend to digital asset companies due to regulatory constraints, existing digital asset loans have primarily been structured as collateral-based lending using virtual assets.
Thoro Capital will apply a 'covenant-based assessment' method that evaluates not only collateral assets but also corporate financial indicators and management covenants to determine loan eligibility. The plan is to adapt the traditional private credit approach, which assesses a company's repayment ability and business viability, to the digital asset market.
Ham Di (CEO) stated, "Currently, most institutional investors in this lending market lend based on assets—i.e., collateral—rather than companies." He added, "In contrast, Thoro evaluates operating companies themselves." He further noted, "Collateral can serve as a means to strengthen credit, but it cannot replace thorough corporate valuation assessments and due diligence."
Hong Seong-wook, Hashed partner and CFO (Chief Financial Officer), said, "The infrastructure of the digital asset market has grown much faster than the credit systems that support it," adding, "Loan assessment requires accumulated experience and deep judgment about the market."
[MoneyToday startup media platform Unicorn Factory]
in FUTURE
