A new blockchain-focused venture capital fund called Proof of Capital has been established by a group of investors. The aim of the $50 million USD fund is to encourage further adoption of blockchain technology.
Blockchain Venture Fund: Proof of Capital
The new fund has been founded by three partners: Phil Chen, Chris McCann, and Edith Yeung.
It will invest in early-stage startups that are involved in blockchain technology. The group has highlighted various areas of the blockchain ecosystem that it is looking to back, including remittances, custody, wallets, security, and identity.
All three founders are seasoned professionals coming from other venture funds. Chen was formerly with Horizons Ventures, McCann with Greylock Partners, and Yeung an adviser to venture capital firm 500 Startups.
A major impetus for this venture comes from the greater need for blockchain technology with regards to data protection. The public is aware, now more than ever, that their private data is being used and sold by major tech companies. In response to this, Chen said the following:
“We want to help proliferate blockchain technology by funding global founders who are building the hardware and software of Web 3.0 – the decentralized web, which will protect users and allow them take back control of their data.”
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Proof of Capital
Proof of Capital is already busy with its first investment, Argentina-based blockchain startup Ubanx. This startup provides a platform that connects customers to the blockchain ecosystem of products and services.
Further, the fund is partnering with major tech giant HTC on its EXODUS blockchain phone. According to Chen, 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.”
Do you think blockchain technology can help to stop the misuse of private data? Let us know your thoughts on Proof of Capital!
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