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Proof of Capital website homepage
Proof of Capital website homepage

A new venture capital fund called Proof of Capital[1] was launched on Wednesday with US$50 million in funding. The fund will invest in blockchain startups with a focus on fintech, infrastructure, hardware and consumer products.

The fund was raised last month with backing from the likes of HTC Exodus, a Taiwanese smartphone and consumer electronics manufacturer, YouTube co-founder Steve Chen, and Taiwanese company Formosa Plastics.

Edith Yeung, one of the fund’s founders and a partner at 500 Startups, an early stage venture fund based in Silicon Valley, told[2] TechCrunch:

“Some of these backers are curious at the possibilities of blockchain. For example, they’re giving us some ideas on how tokenization and gamification could be applied on different platforms.”

Proof of Capital has already made its first investment[3] in Ubanx, a Latin America-based blockchain startup that provides an API banking infrastructure for fiat-crypto exchange in Argentina, Brazil and other countries in the region.

Yeung told[4] Reuters that the fund aims to “to meet and build long-term partnerships with founders who want to define this new Internet.”

Alongside Yeung, Proof of Capital, which has offices in San Francisco, Hong Kong and Taipei, counts Phil Chen, the “decentralized chief officer” of HTC and original creator of the HTC Vive virtual reality headset and the HTC Exodus[5] blockchain phone product lines, as well as Chris McCann, who previously founded and led the community program at Greylock Partners, as its founders.

Proof of Capital founding partners Edith Yeung, Chris McCann and Phil Chen
Proof of Capital founding partners Edith Yeung, Chris McCann and Phil Chen

The fund has also inked a partnership with HTC Exodus, which will open the possibility for its portfolio companies to work directly with the manufacturer to develop services and products for the

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