Cryptocurrency venture capital company Hashed has provided initial backing for a fresh digital asset private credit vehicle aiming to raise $300 million.
This fund was established by Mohamed Hamdy, an investor located in Abu Dhabi and co-founder of Further Ventures, and is under the management of Thoro Capital Management, where Hamdy works as a managing partner. Thoro plans to extend U.S. dollar loans settled through stablecoins straight to digital asset entities, with Hashed serving as the main investor.
Hashed stated that this credit vehicle seeks to resolve a major financing bottleneck within the institutional digital asset industry, where conventional banks are still restricted by regulatory capital regulations and current crypto lenders base their underwriting on 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 stated in a media release.
Covenant-based underwriting
The fund managed by Thoro Capital intends to bridge this void by implementing covenant-based underwriting. This approach resembles the expansion of conventional private credit following the 2008 financial crisis across the globe, a period when specialized asset managers stepped in to take the place of retreating 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 mentioned that it established the $300 million goal for the vehicle based on market alignment and the viability of its private credit approach.
Simultaneously, Hashed noted that tokenized private credit has grown into the biggest real-world asset (RWA) sector based on cumulative onchain issuance, surpassing $14 billion in aggregate loans. Even so, this continues to represent a minor portion of the broader private credit market, which exceeds $3 trillion in value.
Hashed’s involvement in the fund follows the venture capital enterprise securing financial services approval from the Abu Dhabi Global Market, the financial center of the United Arab Emirates. Recently, Hashed entered into a memorandum of understanding alongside the Abu Dhabi Investment Office with the goal of assisting South Korean companies and investors wanting to grow within the UAE capital.
Originally published at https://www.theblock.co/news/markets/2026-09-22-hashed-private-credit-fund-416013.
