Hashed, the South Korea-based blockchain firm, has raised a nine-figure investment fund.

According to the firm, its new entity, Hashed Ventures, Inc., has raised $120 million for a fund that will be focused on the new era of distributed networks.

"We believe we will be living in a society where people will be working for different networks (protocols) rather than for specific companies," Hashed CEO Simon Kim told CoinDesk through a spokesman. "So it is our mission to find the best networks that facilitate people's work and life."

The company declined to disclose its investors, citing legal requirements, but indicated that the backing came primarily from Korea's larger information technology firms and other conglomerates. 

According to its website, Hashed has previously invested in the payments startup Chai, derivatives platform Vega, Ethereum-based investing startup Set and many others. 

In August, Hashed announced a partnership with KB Kookmin Bank, South Korea’s largest, to build a “holistic platform to manage digital assets for individual and corporate clients,” according to a press statement.

Cryptocurrency trading and applications have been popular throughout Asia, with South Korea seen as a major hub, but its government has sent mixed messages on the asset class.