Key Takeaways
- • Hashed, a global venture capital firm, has joined Toro Capital Management as an anchor investor in a $300 million stablecoin-based private credit fund targeting digital-asset companies and institutions.
- • The fund will provide dollar-denominated financing settled via stablecoins, with creditworthiness evaluated on borrowers' financial metrics and operating covenants rather than collateral, addressing a structural funding gap in the crypto lending market.
- • Toro Capital is led by Mohamed Hamdi, a 20-year investment veteran and co-founder of Further Ventures (which counts Abu Dhabi sovereign wealth backing), with experience across Middle Eastern, Asian, and U.S. markets.
- • Unlike existing crypto lending products that rely on collateral-backed loans, Toro's covenant-based underwriting model targets digital-asset companies that face limited access to traditional institutional financing.
- • Hashed will support Toro Capital's international expansion beyond capital contribution, serving as a strategic partner in the fund's launch and growth across multiple markets.
Summary
Hashed, a prominent crypto venture capital firm, has committed to anchor a $300 million private credit fund launched by Toro Capital Management, announced on September 23, 2026. The partnership represents a significant institutional move into stablecoin-based lending for digital-asset enterprises, addressing a documented funding constraint in the sector.
Toro Capital's fund will extend dollar-denominated loans to crypto-native institutions and companies, with settlement conducted via stablecoins. The fund's underwriting methodology diverges from conventional crypto lending by evaluating creditworthiness based on borrowers' financial condition, cash flows, and operating covenants rather than cryptocurrency collateral. This approach directly targets a market gap: digital-asset companies historically struggle to access capital from traditional financial institutions, while existing crypto lenders typically require over-collateralization or asset-backed structures.
The fund was established by Mohamed Hamdi, who brings two decades of investment experience in venture capital and private equity across the Middle East, Asia, and the United States. Hamdi previously served as co-founder and managing partner at Further Ventures, which has received investment from Abu Dhabi-based sovereign wealth sources. His background in institutional finance positions Toro Capital to implement institutional-grade credit assessment and risk management protocols for a nascent market segment.
Hashed's role extends beyond capital provision. The venture capital firm will actively support Toro Capital's international expansion and contribute to the fund's launch and operational scaling across multiple geographies. The involvement of a tier-one crypto VC firm as anchor investor signals institutional validation and suggests confidence in both the fund's management team and the growth trajectory of tokenized private credit markets.
The timing reflects broader recognition within the institutional investment community that digital-asset enterprises require more sophisticated, traditional-finance-adjacent lending structures to sustain growth and bridge the funding gap left by both traditional banking retrenchment and the limitations of existing crypto lending products.
Toro Capital's fund will extend dollar-denominated loans to crypto-native institutions and companies, with settlement conducted via stablecoins. The fund's underwriting methodology diverges from conventional crypto lending by evaluating creditworthiness based on borrowers' financial condition, cash flows, and operating covenants rather than cryptocurrency collateral. This approach directly targets a market gap: digital-asset companies historically struggle to access capital from traditional financial institutions, while existing crypto lenders typically require over-collateralization or asset-backed structures.
The fund was established by Mohamed Hamdi, who brings two decades of investment experience in venture capital and private equity across the Middle East, Asia, and the United States. Hamdi previously served as co-founder and managing partner at Further Ventures, which has received investment from Abu Dhabi-based sovereign wealth sources. His background in institutional finance positions Toro Capital to implement institutional-grade credit assessment and risk management protocols for a nascent market segment.
Hashed's role extends beyond capital provision. The venture capital firm will actively support Toro Capital's international expansion and contribute to the fund's launch and operational scaling across multiple geographies. The involvement of a tier-one crypto VC firm as anchor investor signals institutional validation and suggests confidence in both the fund's management team and the growth trajectory of tokenized private credit markets.
The timing reflects broader recognition within the institutional investment community that digital-asset enterprises require more sophisticated, traditional-finance-adjacent lending structures to sustain growth and bridge the funding gap left by both traditional banking retrenchment and the limitations of existing crypto lending products.
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