HTC-backed Proof of Capital launches $50m blockchain fund

Cryptocurrency mining machines sit in operating racks at the home of Dmitry Gutov, a Russian cryptocurrency 'miner,' in Krasnogorsk, Russia, on Thursday, Sept. 7, 2017. Photographer: Andrey Rudakov/Bloomberg

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.

Also read:

After a wild 2018, the VC case for blockchain is no clearer in 2019

Crypto exchange Coinbase valued at $8b in latest funding round

Temasek sets up new groups to focus on AI, blockchain investments

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.