On April 17, an executive at HTC, an electronics giant, is set to lead a venture capital fund worth 50 million dollars that is focused on blockchain in a partnership with the firm Proof of Capital. It was reported that the new blockchain account is focused on regular VC deals, versus the token-based reserves and is held in fiat currency.
Emerging Markets Focus
The fund, in addition, will primarily target newer firms in fintech as well as their ecosystem’s consumer sphere. The San Francisco based fund is said to focus mainly on emerging economies and the Asian markets.
The Proof of Capital fund is headed by VC figures and three tech giants: Phil Chen, the firm’s decentralized chief officer, who presently is developing the Exodus blockchain smartphone of HTC; Silicon Valley’s Edith Yeung, a partner in 500 startups–a global VC firm; and Chris McCann, who represented the community lead at Greylock Partners–an early stockholder in Airbnb, LinkedIn, Facebook, to name a few.
In this collaboration, the Proof of Capital group of companies to is expected to work directly with HTC in helping develop products or services for Exodus, and possibly other blockchain projects.
Yeung, with more than 50 startups investment, pointed out that Proof of Capital’s setup is old, and that the team has a more traditional background in VC.
Lately, Ripple’s project Bain Capital Ventures and Xpring capitalized in an early phase blockchain firm Robot Ventures.