• Tue, 21 May 2019, 08:37 PM
  • All times are UTC
  • Edition:
    International
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. >

The commenting service is available only after having logged 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) $8,015.94 (+1.43%)
  • Ethereum (ETH) $257.97 (+2.90%)
  • XRP (XRP) $0.399800 (+0.87%)
  • Bitcoin Cash (BCH) $423.85 (+3.96%)
  • EOS (EOS) $6.33 (+1.16%)
  • Bitcoin (BTC) $8,015.94 (+1.43%)
May 21, 2019 (Tuesday)
11:23
Crypto exchange Kraken raises over $6.5M in equity funding
10:58
Crypto Technicals: BTC/USD hovers around $8000 mark, poised for upside resumption
10:54
PBoC-backed Shenzhen Fintech Research Institute seeks blockchain talent
10:16
Austrian fiber producer Lenzing to launch blockchain-based traceability platform
09:44
Crypto Technicals: Monero pullback finds support at 21-EMA, eyes $100 on upside resumption
09:30
US SEC again delays decision on VanEck bitcoin ETF application
07:55
Crypto Technicals: NEO/USD bounces off 110-EMA, retraces above cloud, scope for test of 13.85
07:39
Honda and GM team up to explore blockchain potential in smart grid and electric car interoperability
06:23
Seoul to roll out blockchain-based citizen cards
05:46
U.S. IRS to soon issue crypto tax guidance
05:05
Crypto and forex scams more than tripled in 2018/19 financial year, FCA finds
04:10
Mutual funds network Calastone goes live with real-time blockchain-based platform
May 20, 2019 (Monday)
11:53
Crypto Technicals: ETH/USD extends sideways, no major signs of reversal seen
10:32
Crypto Technicals: NEO/USD holds 1H 200-SMA support, break below eyes 9.42
08:19
ABB, Evolvere launch blockchain pilot for energy sector
07:25
Coinbase Earn expands to over 100 countries
07:25
Bahamas securities watchdog proposes cryptocurrency regulations
05:58
ABN Amro to roll out blockchain and IoT platform for commodities industry
05:52
Facebook registers new cryptocurrency firm Libra Networks in Switzerland
03:44
Billion, Microsoft to work with University of Warsaw on blockchain development
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft