Hashed Invests $300M in Private Credit Fund for Digital Asset Firms
Hashed, a well-known crypto venture firm, has invested in a $300M private credit fund aimed at lending dollar stablecoins to digital asset firms. The fund is managed by Thoro Capital Management, founded by Mohamed Hamdy, an Abu Dhabi-based investor.
The new fund will lend U.S. dollars settled in stablecoins directly to digital asset institutions, with Hashed acting as the primary backer. This move is seen as a way to address what Hashed calls a 'critical financing bottleneck' in institutional crypto, where traditional banks face regulatory capital rules that keep them out.
The fund's approach mirrors how traditional private credit grew after the 2008 financial crisis, when specialized fund managers stepped in for retrenching banks. Thoro will underwrite borrowers as operating businesses rather than lending purely against crypto collateral, using covenants to ensure financial conditions are met.