Hashed, one of South Korea’s largest crypto asset fund managers, has raised 120 billion ($ 110 million) to fund new blockchain ventures in the so-called “protocol economy.”

The money was raised through Hashed Ventures Inc., a new entity that will oversee the deployment of the nine-figure investment. The company has not yet disclosed its backers, although a spokesman said indicated that some of South Korea’s largest IT companies are involved.

The announcement states the company said:

“Hashed plans to invest heavily in domestic and overseas startups looking to achieve the ‘protocol economy’, which has recently emerged as a hot topic, as well as in blockchain technology companies through the creation of this first fund.”

The fund will invest in domestic and global startups using blockchain technology to disrupt the ‘protocol economy’, a broad umbrella term describing emerging platforms and applications.

Based in Seoul and Silicon Valley, Hashed markets itself as a team of blockchain experts pushing the needle towards decentralization. The company’s investment portfolio spans dozens of crypto companies, including notable blockchain projects such as Ethereum, EOS, Ontology, ICON and Kyber Network.

The company’s investments are currently spread across blockchain platforms, financial infrastructure, applications, pick-and-shovel play, and publishing.

South Korea has emerged as a hotbed of blockchain development and digital asset markets, despite the government crackdown on initial coin offerings and domestic exchanges. Recently, the country’s influential crypto lobby was successful in postpone a new tax regime for digital assets until 2022giving local businesses more time to adapt to the rules.

Hashed did not immediately respond to a request for comment.