Crypto VC Hashed anchors $300M Private Credit Fund for Digital Asset Firms

Hashed, a crypto venture firm, has anchored a new private credit fund targeting $300 million, a signal that one of the industry's better-known VCs is putting fresh capital into credit infrastructure rather than the next token round.

The fund, managed by Thoro Capital Management, was founded by Mohamed Hamdy, an Abu Dhabi-based investor and co-founder of Further Ventures. Thoro will lend U.S. dollars settled in stablecoins directly to digital asset institutions, with Hashed acting as the primary backer.

The model: credit, not collateral

Thoro will underwrite borrowers as operating businesses rather than lending purely against crypto collateral, using covenants, the financial conditions a borrower commits to for the life of the loan. The framing mirrors how traditional private credit grew after the 2008 financial crisis, when specialized fund managers stepped in for retrenching banks.

The bottleneck they're targeting

Hashed described the pitch as a "critical financing bottleneck" in institutional crypto: traditional banks face regulatory capital rules that keep them out, while existing crypto lenders only underwrite against asset-backed collateral. Profitable, audited market infrastructure firms are still forced into expensive, short-term collateralized borrowing rather than credit priced on business fundamentals.

The scale argument

Hashed pointed to tokenized private credit as the largest real-world asset (RWA) category by cumulative onchain origination, at more than $14 billion in total loans. The traditional private credit market sits at more than $3 trillion, leaving the onchain figure as a small slice of the older market. The new fund is a bet that gap shrinks through a credit vehicle, not a token issuance.

Hashed's setup in Abu Dhabi

The anchor came after Hashed secured a financial services permission from the Abu Dhabi Global Market, the UAE's financial hub. The week before the fund announcement, Hashed signed a memorandum of understanding with the Abu Dhabi Investment Office to support South Korean institutions and investors expanding into the UAE capital.

The missing pieces

The brief does not confirm Hashed's anchor commitment size, whether outside limited partners will join, or when the fund will close. The specific stablecoin Thoro will use to settle USD loans is also unconfirmed, as is the licensing status of Thoro Capital Management beyond its Abu Dhabi base and any named borrowers in the initial pipeline.