With the goal of bringing blockchain technology to the world at large, a new blockchain-focused venture capital fund worth $50 million has been launched by a group of investors. New venture fund valued at $50 million pins its hopes on global blockchain adoption.
Three partners found the fund, which they dubbed ‘Proof of Capital’:
- Phil Chen, formerly of Horizons Ventures
- Chris McCann, formerly at Greylock Partners
- Edith Yeung, previously an adviser to venture capital firm 500 Startups
According to an announcement made on Wednesday, Proof of Capital will invest in startups that are in their early-stage. The criteria for these startups is to focus on several areas in the blockchain ecosystem. It includes remittances, custody and wallets, and security and identity.
Chen said in an interview that the largest tech companies are selling and misusing the public’s data. Apparently, they have now become of the exploitation, adding:
“We want to help proliferate blockchain technology by funding global founders who are building the hardware and software of Web 3.0. It is the decentralized web, which, however, will protect users and allow them take back control of their data.”
The first investment Proof of Capital made was in Ubanx, the Argentinian blockchain startup. Ubanx provides a platform which connects the blockchain ecosystem of products and services to a mainstream audience.
HTC’s decentralized chief officer is Chen, and therefore it comes as no surprise that the fund is also partnering with HTC on its EXODUS blockchain phone. According to Chen, the fund will:
“work closely with HTC to define the standards and interactions for this new internet and bring mobile and hardware know-how for our portfolio companies.”
The announcement, however, disclosed that the fund has other investors including YouTube co-founder Steve Chen, former chief risk officer at Ripple Greg Kidd and Taiwanese chemical firm Formosa Plastics; and their advisers are Kidd, Howard Wu of Zcash and Dominic Williams of Dfinity, as well as some others.