• Tue, 23 Jul 2019, 04:46 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Blockchain-focused VC fund “Proof of Capital” launches in US with $50M funding

Proof of Capital Homepage Screenshot (TokenPost)

Fri, 19 Apr 2019, 04:29 am UTC

A new blockchain-focused venture capital fund has launched in the United States with $50 million funding, Reuters reported.

Called “Proof of Capital,” the fund has been founded by Phil Chen, the Decentralized Chief Officer at HTC and original creator of the HTC Vive and HTC Exodus product lines; Chris McCann, who founded and led the community program at Greylock Partners; and venture capitalist Edith Yeung.

“Together, we have been investing, advising, and building companies for decades in both the blockchain, and mobile internet industry,” McCann said in an online post. “The three of us are now coming together to partner with purpose-driven entrepreneurs who are building meaningful companies that will drive long term societal change across the world.”

Proof of Capital has raised $50 million investment last month from HTC Exodus, HTC’s attempt to build blockchain smartphone; YouTube co-founder Steve Chen; and Taiwanese firm Formosa Plastics.

The fund has announced its partnership with HTC Exodus and said that together they have “deep experience in the hardware layer of the blockchain ecosystem with products that reach hundreds of millions of people and key distribution into the mobile layer of the blockchain ecosystem.”

Headquartered in San Francisco, the fund will invest in companies focused on fintech (payment, remittance, custody, wallet), infrastructure (security, privacy and identity), hardware and consumer layers of the blockchain ecosystem.

In addition to providing financial support, Proof of Capital will also actively support its portfolio companies through customer and business development, marketing, branding, and help build strategic partnerships focusing on distribution.

The fund has made its first investment in Latin America-based blockchain startup Ubanx.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • EricSkaggs
  • 2019.04.20 10:24:56
I gave Chad Hurley the entire idea for YouTube from domain name to exit strategy and everything in between in exchange for a promise from him to me of one percent of the now $100 billion company or $1 billion.

Please read "I Invented YouTube : The Real YouTube Story" by Eric Skaggs.

And if you can help me get the $1 billion I was promised, I will give you $100 million.

Does that sound fair?
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $10,229.20 (-3.45%)
  • Ethereum (ETH) $216.79 (-3.86%)
  • XRP (XRP) $0.318800 (-3.43%)
  • Litecoin (LTC) $93.96 (-5.03%)
  • Bitcoin Cash (BCH) $310.47 (-3.00%)
  • Bitcoin (BTC) $10,229.20 (-3.45%)
Jul 23, 2019 (Tuesday)
04:45
Uganda looks to blockchain in counterfeit drug battle
04:05
UK lawmaker who busted Facebook-Cambridge Analytica scandal sets sights on Libra crypto
03:47
Singapore-based Forise International expands to blockchain consulting
03:41
Mercedes-Benz' parent company Daimler partners with Riddle & Code to develop crypto hardware wallet for cars
03:26
Binance lists GBP-backed stablecoin 'BGBP'
Jul 22, 2019 (Monday)
12:20
Crypto Technicals: IOT/USD recovery fails shy of 200-DMA, downside resumption likely
12:20
Former Token Foundry head begins process to sue Joseph Lubin for $13M
11:39
Blockchain firm R3 pushes for more Corda sales with new hire
11:26
South Korean citizen unaffiliated to Samsung files trademark application for 'Samsung Coin'
10:46
Former Russian crypto executive arrested in Italy
09:19
Blockchain startup Diana to launch 'lunar registry' to divide and tokenize the moon
08:39
Crypto Technicals: ETC/USD confirms 'Golden Cross' on hourly charts, eyes 21-EMA at 6.722
07:46
Iran finalizes power tariff scheme for crypto miners but no license for importing mining equipment yet
07:42
Crypto firm FairX closes digital doors due to lack of funding
06:34
Thailand shows less hostility towards Libra compared to other countries
06:23
European Central Bank official says calm down about stablecoin
05:42
No official ban on cryptocurrency yet, Indian Minister clarifies
05:16
Electric firm E.ON applies patent for blockchain-based data collector device
05:02
Accounting giant KPMG partners with Microsoft, TOMIA, and R3 for blockchain-based telecom solutions
04:06
Fidelity Digital Assets applies for trust license in New York: Report
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft