Proof of Capital is a force to be reckoned with. Co founded by former HTC, Horizons Ventures, Greylock Partners to 500 Starups. We look forward to see more startups being funded by them.
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Above: Edith Yeung, cofounder of Proof of Capital.
Image Credit: Proof of Capital
“The architecture and security of Web 3.0 needs close collaboration between both hardware and software builders, with HTC’s Exodus taking a leading role — starting with a Secure Enclave within the phone,” Chen said in a statement. “Proof of Capital will work closely with HTC to define the standards and interactions for this new internet and bring mobile and hardware know-how for our portfolio companies. Blockchain will redefine computing and create a new framework based on trust, privacy, security, and identity.”
The trio has a strong track record in the sector, with prior investments including Bitcoin, Ethereum, Dfinity, Binance, Blockstream, Digital Currency Group, Stellar, and Solana.
“We want to meet and build long-term partnerships with founders who want to define this new internet,” Yeung said in a statement. “We are ready to roll up our sleeves and help our portfolio companies by bringing the right partners, communities, and network of support from both Asia and Silicon Valley.”
Above: Phil Chen, cofounder of Proof of Capital.
Image Credit: Proof of Capital
Proof of Capital will invest in 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 company said.
The fund will invest internationally in teams from various countries and based in different jurisdictions.
Proof of Capital made its first investment in Latin American-based blockchain platform Ubanx, which connects a mainstream audience to the blockchain ecosystem of products, services, and benefits in the financial industry. Ubanx aims to ensure friendly, secure, frictionless, and compliant experiences.
The firm is also partnering with HTC Exodus, the first smartphone built for the decentralized internet, which is empowering users to own their own private keys.
Above: Proof of Capital cofounder Chris McCann
Image Credit: Proof of Capital
Other investors and backers in the firm include YouTube cofounder Steve Chen, the former chief risk officer at Ripple Greg Kidd, Twitch cofounder Kevin Lin, and the Taiwanese chemical firm Formosa Plastics.
Proof of Capital’s advisers include Greg Kidd (Ripple), Howard Wu (zCash), Dominic Williams (Dfinity), Dawn Song (Oasis), and Kas Vardhanabhuti.
“Out of all of the frontier markets I spent time in at Greylock Partners, the blockchain industry is the only new market where startups have a chance to build large, meaningful, and enduring companies,” McCann said in a statement. “We are excited to back entrepreneurs redefining finance, computing, trust, privacy, security, and more.”
