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Blockchain venture funds are multiplying. Today, Proof of Capital announced a $50 million VC fund to invest in blockchain technologies using the decentralized, transparent, and secure technology behind cryptocurrencies and other innovations.
The fund’s mission is to build an internet ecosystem that belongs to everyone and ushers in worldwide adoption of blockchain technology.
Proof of Capital was cofounded by Phil Chen (one of the creators of the HTC Vive virtual reality headset and a former partner at Horizons Ventures, currently at HTC Exodus). Cofounders include Chris McCann, formerly of Greylock Partners, and Edith Yeung, advisor to 500 Startups.
“The architecture and security of Web 3.0 needs close collaboration between both hardware and software builders, with HTC’s Exodus taking a leading role — starting with a Secure Enclave within the phone,” Chen said in a statement. “Proof of Capital 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. Blockchain will redefine computing and create a new framework based on trust, privacy, security, and identity.”
The trio has a strong track record in the sector, with prior investments including Bitcoin, Ethereum, Dfinity, Binance, Blockstream, Digital Currency Group, Stellar, and Solana.
“We want to meet and build long-term partnerships with founders who want to define this new internet,” Yeung said in a statement. “We are ready to roll up our sleeves and help our portfolio companies by bringing the right partners, communities, and network of support from both Asia and Silicon Valley.”
Proof of Capital will invest in and partner with “big thinkers and exceptional founders who are building market-transforming companies focused on fintech (payment, remittance, custody, wallet), infrastructure (security, identity), hardware, and consumer layers of the blockchain ecosystem,” the company said.
The fund will invest internationally in teams from various countries and based in different jurisdictions.
Proof of Capital made its first investment in Latin American-based blockchain platform Ubanx, which connects a mainstream audience to the blockchain ecosystem of products, services, and benefits in the financial industry. Ubanx aims to ensure friendly, secure, frictionless, and compliant experiences.
The firm is also partnering with HTC Exodus, the first smartphone built for the decentralized internet, which is empowering users to own their own private keys.
Other investors and backers in the firm include YouTube cofounder Steve Chen, the former chief risk officer at Ripple Greg Kidd, Twitch cofounder Kevin Lin, and the Taiwanese chemical firm Formosa Plastics.
Proof of Capital’s advisers include Greg Kidd (Ripple), Howard Wu (zCash), Dominic Williams (Dfinity), Dawn Song (Oasis), and Kas Vardhanabhuti.
“Out of all of the frontier markets I spent time in at Greylock Partners, the blockchain industry is the only new market where startups have a chance to build large, meaningful, and enduring companies,” McCann said in a statement. “We are excited to back entrepreneurs redefining finance, computing, trust, privacy, security, and more.”
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