According to Simon Seojoon Kim, he invested money in Ether. Ether supports the Ethereum network, in the year it was founded — 2015. As he invested a large portion of his hard-earned cash in the virtual currency, his pals warned him he was insane. He’d invested over $400,000.00 by the end of March 2017. Ether then began to ascend.
While it’s hard to confirm Kim’s assets, one fact is undeniable: Ether’s market has skyrocketed since the outset of 2017. It’s increased by more than tenfold in the last year. Meanwhile, Kim has established himself as one of South Korea’s most well-known blockchain proponents. He’s preparing a second blockchain fund this month despite raising the first in December.
Sean Park, a senior partner and managing director of Boston Consulting Group Inc. in Hong Kong, who dealt with Kim on a blockchain project, described him as “like Yoda, the Jedi Master of cryptocurrencies.”
More About Simon Seojoon Kim
Kim is one of a developing class of newly rich individuals who has built their fortunes with the use of virtual currency. The two most popular tokens, Bitcoin and Ether, continue to fluctuate dramatically, although both have reached new highs this year.
“The most effective investment would be when you find a structurally solid investment that isn’t receiving much interest or is being perceived badly,” Kim said in a Seoul conversation about his early cryptocurrency investment.
By trade, the 36-year-old entrepreneur is a software engineer who has founded and sold two businesses. One was a dating app, while the other was a technology for teaching.
He co-founded Hashed in 2018, a blockchain-focused startup funding firm. It invests in businesses and helps them grow by forming strategic alliances, offering financial guidance, and even assisting with public relations.
For its first blockchain fund, Hashed raised $120 million in December. According to the firms’ half-year business reports, it had support from South Korean behemoths Naver Corp. and Kakao Corp.
According to Kim, Hashed is aiming to raise at least 200 billion won ($173 million) this month for a new fund.
Hashed generally invests between $1 million and $10 million in each startup. Following a seed round in 2019, it joined billionaire Mark Cuban in a $7.5 million investment round for Vietnamese game developer Sky Mavis in May. According to Kim, the company also invested $2.5 million in Loco, an Indian gaming streaming platform.
Hashed, on the other hand, has attracted major participants such as internet giant Naver, South Korea’s third-largest publicly traded business by market capitalization. Naver has invested 14 billion won in Hashed’s first fund. According to Naver, Hashed has the best experience in the blockchain business.
Kim Kyonghwan, head of Sungkyunkwan University’s graduate school of management in Suwon, a city close to Seoul, advises precaution.
“Because the blockchain business is still in its infancy, volatility might be a short-term danger,” he added. “However, I believe it is a market that will become formalized and develop in the future.”
Because the blockchain technology business is still in its infancy, Kim believes there is a lot of upsides. However, when it comes to cryptocurrency assets, he advises beginners to be cautious about attempting to earn rapid money.
Kim’s present Ether investments
Kim claimed he presently retains almost all of his Ether investments; while sitting in a room dedicated after Satoshi Nakamoto, the enigmatic creator of Bitcoin. He also claimed to be a big investor in the Luna currency token.
Kim, on the other hand, likes to stay away from traditional assets like bonds and commodities. He and his wife also live in a leased apartment rather than purchasing their own home, he added.