New VC ‘Proof of Capital’ Plans To Invest In Blockchain Projects

According to a TechCrunch report, a new venture capital fund Proof of Capital estimated at $50 mln has been established, with Phil CHEN, a person HTC’s Exodus blockchain smartphone is appointed as the firm’s decentralized chief officer. Edith YEUNG, partner of the Silicon Valley-based VC 500 Startups, and Chris McCANN, community lead of Greylock Partners, an early investor in Facebook, Airbnb, LinkedIn, are also among the founders.

The new fund is to focus on “regular VC deals, as opposed to token-based investments,” and will be held in fiat currency. According to the firm’s LinkedIn profile, the San Francisco-based fund will have a particular focus on Asian markets and emerging economies. The fund will reportedly mainly target early stage blockchain firms in FinTech, as well as the consumer sphere of blockchain ecosystem.

According to TechCrunch, the fund includes a partnership with HTC, which will allow Proof of Capital portfolio companies to work directly with HTC on developing services or products for Exodus and other HTC projects as well.

Image from TechCrunch article