Proof of Capital, a VC backed by Taiwanese tech giant HTC, has launched a $50 million blockchain fund, according to a statement.
The other LPs in the fund include Youtube co-founder and former Horizons Ventures executive, Steve Chen; Twitch co-founder, Kevin Lin and Ripple’s former chief risk officer Greg Kidd.
The fund’s advisors include Howard Wu of zCash, Dominic Williams of Dfinity, Dawn Song from Oasis, and Kas Vardhanabhuti.
The fund is led by a team of three: Phil Chen, the creator of HTC’s Vive VR headset and developer; Edith Yeung, former mobile head for 500 Startups; and Chris McCann, former head of community at Greylock Partners.
Proof of Capital targets early-stage blockchain startups in fintech, infrastructure, hardware and consumer layers of the blockchain ecosystem. It has already begun deploying from the fund, having made its first deal in Latin American fintech startup, Ubanx.
Proof of Capital joins a fair number of VCs maintaining optimism in the blockchain market.
Singapore-based Quantum Energy Asset Management and Pundi X, a blockchain developer announced a $100-million blockchain fund last November. Golden Gate Ventures-backed LuneX Ventures launched a $10 million blockchain fund early last year.
These VCs have also been joined by more prominent players recently, signalling serious and wider interest in the sector.
Last year, Korea Investment Partners (KIP) made an undisclosed investment in TEMCO, a blockchain-based supply platform, while Temasek-backed Vertex Ventures invested in Binance, a global cryptocurrency exchange.