Hashed Takes Anchor Investor Role in Thoro Capital Management
TECHWORLD ·
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Hashed announced on the 23rd that it will participate as an anchor investor in Thoro Capital Management.
Thoro Capital plans to raise a USD 300 million stablecoin-based private credit fund to provide stablecoin-based dollar loans to digital asset institutions and companies.
Hashed said it will support Thoro Capital's global business expansion not as a mere equity investor but as a core partner.
Hashed announced on the 23rd that it will participate as an anchor investor in Thoro Capital Management. Thoro Capital is a Private Credit Fund manager focused on stablecoin-based lending.
Thoro Capital plans to raise a USD 300 million fund. The fund will be used to provide stablecoin-based dollar loans to digital asset institutions and companies.
Digital asset companies have difficulty accessing loans from traditional financial institutions due to regulations and other factors. Against this backdrop, Thoro Capital plans to extend loans based on Covenant-based Underwriting, a method that evaluates corporate financial metrics and management covenants.
Tokenized Private Credit has surpassed a cumulative on-chain lending volume of USD 14 billion, or about KRW 18.7 trillion, and accounts for the largest share in the RWA sector. However, the global private credit market exceeds USD 3 trillion, and Tokenized Private Credit is still seen as being at an early stage compared with that market, with room for growth.
Thoro Capital differs from many lenders in the current market in how it evaluates loans. Hamdi said many lenders in the market extend credit based more on assets and collateral than on companies themselves. Thoro, he added, evaluates the operating company itself. He also said collateral can reinforce credit tools, but cannot replace corporate valuation and assessment.
Based on this approach, Hashed did not describe its relationship with Thoro Capital as merely an equity investment. Hashed's role is that of a core partner, and the support target is Thoro Capital's global business expansion. Seong Hong-uk, Hashed partner and CFO, said the digital asset market's infrastructure has matured faster than the credit systems needed to support it.
Seong Hong-uk, Hashed partner and CFO, said accumulated experience and deep market judgment are essential elements in loan screening. He also said Hamdi has 20 years of institutional investment and asset management expertise. On that basis, Hashed said it does not intend to remain a simple anchor investor.
Seong Hong-uk, Hashed partner and CFO, said Hashed plans to work closely with Hamdi. He added that the focus of support will be on the fund's establishment and growth. Hashed plans to provide multifaceted support toward that end.
Source: TECHWORLD · Kim Hye-jin
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407329
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Source: TECHWORLD
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