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

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.