Home News New US$50M Blockchain VC Fund Proof of Capital Launches

New US$50M Blockchain VC Fund Proof of Capital Launches

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Proof of Capital web site homepage

A brand new enterprise capital fund referred to as Proof of Capital was launched on Wednesday with US$50
million in funding. The fund will spend money on blockchain startups with a concentrate on
fintech, infrastructure, {hardware} and shopper merchandise.

The fund was raised final month with backing from the likes
of HTC Exodus, a Taiwanese smartphone and shopper electronics producer,
YouTube co-founder Steve Chen, and Taiwanese firm Formosa Plastics.

Edith Yeung, one of the fund’s founders and a accomplice at 500 Startups, an early stage enterprise fund based mostly in Silicon Valley, told TechCrunch:

“Some of these backers are curious at the possibilities of blockchain. For example, they’re giving us some ideas on how tokenization and gamification could be applied on different platforms.”

Proof of Capital has already made its first
investment
in Ubanx, a Latin America-based blockchain startup that gives
an API banking infrastructure for fiat-crypto trade in Argentina, Brazil and
different nations within the area.

Yeung told
Reuters that the fund goals to “to fulfill and construct long-term partnerships with
founders who wish to outline this new Internet.”

Alongside Yeung, Proof of Capital, which has places of work in San
Francisco, Hong Kong and Taipei, counts Phil Chen, the “decentralized chief officer”
of HTC and unique creator of the HTC Vive digital actuality headset and the HTC
Exodus
blockchain telephone product traces, in addition to Chris McCann, who
beforehand based and led the neighborhood program at Greylock Partners, as its
founders.

Proof of Capital founding partners Edith Yeung, Chris McCann and Phil Chen
Proof of Capital founding companions Edith Yeung, Chris McCann and Phil Chen

The fund has additionally inked a partnership with HTC Exodus, which
will open the likelihood for its portfolio corporations to work straight with the
producer to develop companies and merchandise for the Exodus telephones and
doubtlessly different HTC blockchain ventures.  

“For HTC, it’s apparent, they have already got a product to go
with it,” Yeung advised TechCrunch including that HTC was excited about investing in
blockchain companies and startups to construct an ecosystem.

According to the corporate’s web site, Proof of Capital will put
an emphasis on “real adoption and global distribution” with a selected focus
on Asian and rising markets. The firm said
it’s searching for “founders who share our ethos and global perspective” which it
will help by means of buyer and enterprise improvement, advertising, branding, and
distribution, alongside capital.

Advisors to Proof of Capital embrace Greg Kidd, the previous
chief threat of Ripple; Howard Wu, the co-founder of Dekrypt Capital and a
cryptography researcher on the University of California, Berkeley; Dominic
Williams, the founder of Dfinity; Dawn Song, a Berkeley professor and the founder
of Oasis; and Kas Vardhanabhuti, a former dealer on the George Soros Fund.


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