HTC-Backed $50 Million Proof of Capital Blockchain Venture Fund Launched
There are many cryptocurrencies – including bitcoin – that have grown tremendously in value over the years. As a result, there are blockchain and cryptocurrency-focused funds and firms that have emerged from the United States, or their respective countries. Now, a new $50 million blockchain venture fund is on the scene with a focus to expand globally, The Block reports.
Looking To The Future
There are many blockchain venture funds that are interested in investing in the space for the long-term and hoping to find projects and startups that will implement blockchain in new and innovative ways. However, this particular firm is focused on building a decentralized web, which sets it apart from many other funds.
The venture fund is called Proof of Capital, a play on words on the phrases “proof of work” and “proof of stake,” used to describe the algorithms in various blockchain networks.
The firm was founded by some well-known heavy hitters in the technology space such as Phil Chen, the founder of HTC Vive, the tech giant’s virtual reality headset business, and Edith Yeung, who is a well-known Silicon Valley advisor, as well. Chris McCann is another co-founder, who formerly worked at Greylock Partners, a well-known Silicon Valley firm.
Chen, a managing partner of Proof of Capital, is not shy about his overall ambitions. Proof of Capital has already invested in some of the most well-known cryptocurrency companies in the world, including Binance, Digital Currency Group, Blockstream, and more. However, Chen points out that the firm is now looking to create a decentralized version of the internet. Chen is also interested in blockchain use cases that are already in play, including “remittances and identity-proofs.”
Proof of Capital has raised $50 million but also has very powerful partners such as 500 Partners and Greylock Partners. For those who are unaware, Greylock Partners has billions in management and is one of the oldest venture capital firms in Silicon Valley. Additionally, one of the fund’s backers is HTC itself. Proof of Capital will even be able to examine user feedback from HTC’s blockchain-based phone, the Exodus, thanks to the partnership.
The firm is also looking to collaborate with founders who want to help build this version of the new internet. Chen has stated that he has looked at many companies and that he was interested in potentially making “a deal every two months”, which might make for an active 2019. Chen reiterates that he is focused on “transformative” technology.