Crypto VC Hashed anchors new digital asset private credit fund targeting $300 million

Crypto venture capital firm Hashed has anchored a new digital asset private credit fund that is targeting $300 million.

The fund was founded by Abu Dhabi-based investor Mohamed Hamdy, co-founder of Further Ventures, and is managed by Thoro Capital Management, where Hamdy serves as managing partner. Thoro will lend U.S. dollars settled via stablecoins directly to digital asset institutions, while Hashed will be the fund's primary backer.

Hashed said the new credit fund aims to address a "critical financing bottleneck" in the institutional digital asset sector, where traditional banks remain buffered by regulatory capital requirements and existing crypto lenders underwrite against asset-backed collateral.

"As a result, even profitable, audited market infrastructure firms are forced to rely on expensive, short-term collateralized borrowing rather than credit based on business fundamentals," Hashed wrote in a press release.

Covenant-based underwriting

Thoro Capital's fund aims to fill this gap by introducing "covenant-based" underwriting. This mirrors the rise of traditional private credit following the 2008 global financial crisis, when specialized fund managers emerged to replace retrenching banks.

"Instead of lending purely against collateral, we assess the borrower as an operating business, looking at its financials, cash flow and management, and we agree on covenants, meaning financial conditions the borrower commits to maintaining for the life of the loan," Thoro explained.

Thoro said it set the $300 million target for the fund based on the market fit and executability of its private credit strategy.

Meanwhile, Hashed said tokenized private credit has become the largest real-world asset (RWA) category by cumulative onchain origination, exceeding $14 billion in total loans. However, this remains a small fraction of the traditional private credit market, which is worth more than $3 trillion.

Hashed's participation in the fund comes after the VC firm gained a financial services permission from the Abu Dhabi Global Market, the financial hub of the United Arab Emirates. Last week, Hashed signed a memorandum of understanding with the Abu Dhabi Investment Office to support South Korean institutions and investors seeking to expand to the UAE capital.