New $50 Million Venture Fund Eyes Global Blockchain Adoption

    A bunch of traders has launched a brand new blockchain-focused enterprise capital fund value $50 million, aiming to carry the know-how to the plenty.

    The fund, known as Proof of Capital, has been based by three companions: Phil Chen, previously at Horizons Ventures; Chris McCann, previously at Greylock Partners; and Edith Yeung, beforehand an adviser to enterprise capital agency 500 Startups.

    Proof of Capital will put money into early-stage startups that concentrate on a number of areas within the blockchain ecosystem, together with remittances, custody and wallets, in addition to safety and identification, in response to an announcement Wednesday.

    Chen informed CoinDesk that the general public are actually conscious that their information is being “misused and sold” by the biggest tech firms, including:

    “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.”

    Proof of Capital has already made its first funding in Argentina-based blockchain startup Ubanx, which, it says, supplies a platform to attach a mainstream viewers to the blockchain ecosystem of services and products.

    The fund is additional partnering with HTC on its EXODUS blockchain telephone. Chen, who’s at present additionally HTC’s decentralized chief officer, stated that fund 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.”

    The fund’s different traders embody YouTube co-founder Steve Chen, former chief danger officer at Ripple Greg Kidd and Taiwanese chemical agency Formosa Plastics. Advisors embody Kidd, Howard Wu of zcash and Dominic Williams of Dfinity, amongst others, in response to the announcement.

    U.S. picture by way of Shutterstock 

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