Hashed anchors digital asset private credit fund targeting $300 million

Hashed anchored a new digital asset private credit fund targeting $300 million. Thoro Capital Management manages the fund. Abu Dhabi-based investor Mohamed Hamdy founded the fund. Hamdy is a co-founder of Further Ventures. Hamdy serves as managing partner at Thoro Capital Management. Thoro will lend U.S. dollars settled via stablecoins directly to digital asset institutions. Hashed will be the fund’s primary backer. Hashed said the fund aims to address a financing bottleneck in the institutional digital asset sector. Hashed said traditional banks face regulatory capital requirements. Hashed said existing crypto lenders underwrite against asset-backed collateral. Hashed said profitable and audited market infrastructure firms therefore rely on expensive, short-term collateralized borrowing. Thoro’s strategy will use covenant-based underwriting. Thoro said it will assess borrowers as operating businesses. Thoro said it will review borrowers’ financials, cash flow and management. Thoro said borrowers will agree to financial conditions that they must maintain for the life of each loan. Thoro said it set the $300 million target based on the market fit and executability of its private credit strategy. Hashed said tokenized private credit is the largest real-world asset category by cumulative onchain origination. Hashed said the category has exceeded $14 billion in total loans. Hashed said the traditional private credit market is worth more than $3 trillion. Hashed’s participation followed the firm’s receipt of financial services permission from the Abu Dhabi Global Market. Hashed also signed a memorandum of understanding with the Abu Dhabi Investment Office to support South Korean institutions and investors expanding to the UAE capital.