Hashed Becomes Anchor Investor in Toro Capital’s $300 Million Stablecoin Lending Fund

Global venture capital firm Hashed said on Sept. 23 that it has joined Toro Capital Management as an anchor investor in a stablecoin-based lending fund for digital-asset companies.

Toro Capital plans to launch a $300 million private credit fund to provide dollar-based financing to digital-asset-related institutions and companies. Hashed will participate as a major investor and support Toro Capital’s international expansion.

Toro Capital was founded by Mohamed Hamdi, a co-founder and former managing partner at Further Ventures, which has received investment from an Abu Dhabi sovereign wealth fund. Hamdi has worked in venture capital and private equity for about 20 years, with investment experience across the Middle East, Asia and the U.S.

Unlike the existing digital-asset lending market, which has relied on crypto-backed loans, the new fund will evaluate creditworthiness based on companies’ financial condition and operating covenants.

Digital-asset companies currently have limited access to borrowing from traditional financial institutions. Existing crypto lending products also remain collateral-focused, making fundraising difficult. Toro Capital aims to address that funding gap by assessing companies’ financial metrics and operating capabilities.

The growth potential of tokenized private credit also factored into the investment. Cumulative on-chain lending in tokenized private credit has exceeded $14 billion, but the market remains at an early stage compared with the broader global private credit market, which stands at $3 trillion.

“Most lenders in this market today underwrite assets, not businesses,” Hamdi said. “Toro, by contrast, evaluates the operating company itself.”

Collateral can strengthen a credit instrument, but it cannot replace rigorous corporate valuation and due diligence, he added.

Hong Seong-wook, a Hashed partner and chief financial officer, said infrastructure in the digital-asset market has matured much faster than the credit system needed to support it. He said lending decisions require accumulated experience and deep market judgment.

He described Hamdi as the right person for the role, citing his two decades of expertise in institutional investing and asset management. Hong added that Hashed will work closely with him beyond its role as an anchor investor to support the fund’s launch and growth from multiple angles.