A $50M Venture Wants To Bring Blockchain To Public
A group of investors has been successful so far in launching a new -focused venture capital company. Interestingly, the newly introduced firm’s worth is said to be at least $50 million, with an aim of bringing blockchain to the general public.
Bringing Blockchain to the Masses
The fund, which is basically dubbed as Proof of Capital, has been brought into reality by at least three partners. They are namely Phil Chen, Chris McCann, and Edith Yeung. All of them have worked previously in three different venture capital firms. Chen was with Horizons Ventures, while McCann tenured at Greylock Partners. As for Yeung, she was a former advisor to the venture capital company called 500 Startups.
According to the official report, Proof of Capital is expected to invest in early-stage startups. These companies, in particular, will be focusing on a number of areas relating to the entire blockchain ecosystem. This would include, but not limited to, custody, wallets, remittances, identity, and security, among many others.
In an interview with CoinDesk, Chen claimed that the public are fully aware that their data is not only misused but also being sold. These exploitations are courtesy of the largest tech firms across the world.
Taking Advantage of the Blockchain Tech
Chen said that their aim is to provide support by proliferating blockchain technology, something that can be achieved by simply funding global founders. These are individuals who are developing Web 3.0’s hardware and software. It is basically a decentralized web specifically designed to give protection to users and, at the same time, give them the ability to take back control of their resptive data.
Apparently, Proof of Capital has been successful in obtaining its very first investment, thanks to Ubanx. The latter is a blockchain start-up based in Argentina, a company that focuses on a platform that can connect a mainstream audience directly to the ecosystem of products and services in the blockchain world.
Moreover, the fund is going to be partnered alongside HTC directly on its blockchain phone called EXODUS. Chen is HTC’s current decentralized chief officer. The executive is confident that through the HTC, they can be swift in defining the right standards and interactions, all of which will be made for the brand new interactions.
The fund’s other investors include Steve Chen, the co-founder of YouTube, and Gregg Kidd, the former chief risk officer at Ripple. A chemical firm based in Taiwan will also be joining and its name Formosa Plastics.