Proof of Capital Launches Blockchain Fund

May 11, 2019

Proof of Capital, a venture capital (VC) fund backed by Taiwanese tech giant HTC, has launched a US$50 million blockchain fund.

As reported by Deal Street Asia, other Limited Partners (LPs) in the fund include YouTube co-founder Steve Chen, Twitch co-founder Kevin Lin, and Ripple’s former chief risk officer, Greg Kidd.

The fund is led by a team of three, comprising Phil Chen, creator of HTC’s Vive VR headset and Exodus smartphone and former executive at Horizons Ventures; Edith Yeung, former head for 500 Startups; and Chris McCann, former head of community at Greylock Partners. Advisors include zCash’s Howard Wu, Dominic Williams of Dfinity, Dawn Song from Oasis, and Kas Vardhanabhuti.    

Proof of Capital targets early blockchain startups in fintech, infrastructure and consumer layers of the blockchain ecosystem, with deployment from the fund already including a deal in Ubanx, a Latin American fintech startup.   

The fund joins a considerable number of VCs that are fuelling optimism in the blockchain market. Others include Singapore-based Quantum Energy Asset Management and Pundi X, a blockchain developer which announced a US$100 million blockchain fund in November 2018. In the same year, Golden Gate Ventures-backed LuneX Ventures launched a US$10 million blockchain fund.

Additionally, the VCs have recently been joined by more prominently players, indicating serious interest in the sector that is only growing.

Korea Investment Partners (KIP) last year made an undisclosed investment in TEMCO, a blockchain-based supply platform aiming to reinvent the supply chain process by using Bitcoin smart contracts blockchain technology.

Temasek-backed Vertex Ventures meanwhile invested in global crypto exchange Binance, as it prepared to expand operations into Singapore.

Source: dealstreetasia.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:


Related Article
Facebook Decides not to Offer Libra in India
Facebook has decided not to launch its Libra token in India due to regulatory pressure from the Indi...

July 20, 2019

Malaysian Blockchain-based Exchange Leads Digital Transformation
Fusang Exchange has been granted approval by the Securities Exchange to operate in Malaysia’s specia...

July 20, 2019

HSBC Blockchain Link-Up Platform Saves 40% of Transaction Time
A shipment between Hong Kong and Dubai involving two separate blockchain platforms was able to succe...

July 20, 2019

LG Applies Blockchain Platform to School Lunch Programs
An LG subsidiary has announced plans to develop a blockchain-based platform for the distribution of ...

July 19, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us