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HTC backs US$50 million fund for new blockchain startup

2019/04/18 18:57:58

Image taken from Pixabay

Taipei, April 18 (CNA) Taiwan-based HTC Corp. has said it will support a US$50 million venture capital fund for a new blockchain startup, Proof of Capital, with the aim of taking cryptography technology to the wider public.

HTC's chief crypto officer Phil Chen (陳信生), who is in charge of the company's Exodus blockchain phone, said in a recent statement that the partnership will focus on defining the standards and interactions for the next-generation internet and bringing mobile and hardware expertise to its portfolio companies.

The US$50 million fund is being led by Chen; Edith Yeung (楊珮珊), a partner at 500 Startups; and Chris McCann, who founded and led the community program at Greylock Partners, a leading Silicon Valley venture capital firm.

The three technologists have a strong track record in the blockchain sector, with investments in Bitcoin, Ethereum, Dfinity, Binance, Blockstream, Digital Currency Group, Stellar, and Solana.

Proof of Capital, which sources seed funding for companies and works with investors in the field of blockchain technology, was founded by its CEO Tyler Ward.

The company made its first investment in the Latin American-based blockchain platform Ubanx, which connects mainstream audiences to the blockchain ecosystem of products, services, and benefits in the financial industry.

(By Jiang Ming-yan and Ko Lin)
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