Proof of Capital is a new blockchain fund worth $50 million. It wants to bring blockchain technology to the rest of the world.
Putting money where it counts
The project is lead by three industry experts: Phil Chen, Chris McCann, and Edith Yeung. Chen comes from Horizons Ventures, a Hong-Kong based firm focusing on disruptive technology. McCann is of Greylock Partners, a Silicon Valley-based firm. Finally, Yeung was once an advisor to 500 Startups, another VC firm.
Announced this Wednesday, the Proof of Capital firm will work with startups to improve on all aspects of the cryptocurrency industry. These improvements include wallets, security, trading, and more.
Speaking to CoinDesk, Chen noted that the general public knows about data misuse, that companies will sell it off to make a profit. Their goal is to assist users suffering from that:
“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.”
Starting from the bottom
To start, the company’s first investment is in Ubanx, an Argentinian crypto startup with that same mission. On top of this, Proof of Capital is working with HTC on its EXODUS blockchain phone. Chen is also chief officer of decentralization at HTC. From there, the firm 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.”
Interestingly, another Chen, Steve, the co-founder of YouTube, is a part of the $50 million investment into Proof of Capital. Greg Kidd, once chief risk officer at Ripple (XRP) is another member doing the same. Formosa Plastics is a third investor, and finally, members from Zcash and Dfinity make up a long list of advisors.