New Proof Of Capital Venture Fund Worth $50 Million Wants To Boost Global Blockchain Adoption
$50 Million Venture Fund Wants To Help Increase Blockchain Global Adoption
A new fund called Proof of Capital, worth $50 million has been created in order to bring blockchain technology to the masses. The fund has been founded by Phil Chen, Chris McCann, and Edith Yeung. They have been working in different companies in the past. The information was released a few hours ago.
Proof Of Capital To Increase Blockchain Adoption
The new fund will be investing in early-stage startups that focus on the blockchain ecosystem and market. Some of these sectors include remittances, custody, wallets, and identity, among others.
According to Mr. Chen, the public is currently “misused and sold” by large tech companies. He also mentioned that they want to spread distributed ledger technology (DLT) around the world.
About it, he said during a conversation with CoinDesk:
“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 to take back control of their data.”
The firm has already invested in a startup located in Argentina called Ubanx. This Argentinian firm that claims to be the easiest, user-friendly and real-world connection to the digital economy.
Moreover, the fund has also partnered with HTC and its EXODUS blockchain smartphone. Currently, Chen is HTC’s decentralized chief officer and mentioned that they will be working together in order to bring mobile and hardware know-how for portfolio companies.
There are other investors in the fund that include the co-founder of YouTube Steve Chen and the former chief risk officer at Ripple Gregg Kidd.