Proof of Capital, a $50M blockchain-focused venture capital fund, launches today with a mission to build an internet ecosystem that belongs to everyone and to usher in worldwide adoption of blockchain technology.
Proof of Capital is founded by experienced partners Phil Chen (formerly Horizons Ventures and currently HTC EXODUS), Chris McCann (former Greylock Partners), and Edith Yeung (advisor to 500 Startups). Together they have a strong track record in the sector with a few of their previous investments including Bitcoin, Ethereum, Dfinity, Binance, Blockstream, Digital Currency Group, Stellar, and Solana among others.
Proof of Capital will invest and partner with big thinkers and exceptional founders who are building market-transforming companies focused on fintech (payment, remittance, custody, wallet), infrastructure (security, identity), hardware and consumer layers of the blockchain ecosystem.
The global outlook and experience of its partners lends itself to the assurance that teams building the decentralized future will not all be based in Silicon Valley. This fund will invest internationally from day one and invest in teams from various countries and based in different jurisdictions.
Proof of Capital made its first investment in the Latin American based blockchain platform Ubanx. Ubanx connects a mainstream audience to the best blockchain ecosystem of products, services and benefits in the financial industry, ensuring friendly, secure, frictionless and compliant experiences.
Proof of Capital is also partnering with HTC EXODUS, the first smartphone built for the decentralized internet, which is empowering users to own their own private keys.
Other investors and backers of Proof of Capital include YouTube co-founder Steve Chen, co-founder of Twitch Kevin Lin and the former Chief Risk Officer at Ripple Greg Kidd.
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