New US$50M Blockchain VC Fund Proof of Capital Launches

A brand new challenge capital fund referred to as Evidence of Capital used to be introduced on Wednesday with US$50 million in investment. The fund will spend money on blockchain startups with a focal point on fintech, infrastructure, hardware and shopper merchandise.

The fund used to be raised remaining month with backing from the likes of HTC Exodus, a Taiwanese smartphone and shopper electronics producer, YouTube co-founder Steve Chen, and Taiwanese corporate Formosa Plastics.

Edith Yeung, one of the crucial fund’s founders and a spouse at 500 Startups, an early level challenge fund founded in Silicon Valley, advised TechCrunch:

“A few of these backers are curious on the chances of blockchain. For instance, they’re giving us some concepts on how tokenization and gamification might be implemented on other platforms.”

Evidence of Capital has already made its first investment in Ubanx, a Latin The usa-based blockchain startup that gives
an API banking infrastructure for fiat-crypto alternate in Argentina, Brazil and different nations within the area.

Yeung advised Reuters that the fund goals to “to satisfy and construct long-term partnerships with
founders who wish to outline this new Web.”

Along Yeung, Evidence of Capital, which has places of work in San
Francisco, Hong Kong and Taipei, counts Phil Chen, the “decentralized leader officer”
of HTC and unique writer of the HTC Vive digital truth headset and the HTC
Exodus blockchain telephone product traces, in addition to Chris McCann, who
prior to now based and led the group program at Greylock Companions, as its

The fund has additionally inked a partnership with HTC Exodus, which
will open the chance for its portfolio corporations to paintings immediately with the
producer to expand services and products and merchandise for the Exodus telephones and
probably different HTC blockchain ventures.  

“For HTC, it’s glaring, they have already got a product to move
with it,” Yeung advised TechCrunch including that HTC used to be excited about making an investment in
blockchain services and products and startups to construct an ecosystem.

In keeping with the corporate’s web page, Evidence of Capital will put an emphasis on “actual adoption and world distribution” with a selected focal point
on Asian and rising markets. The corporate mentioned it’s in search of “founders who proportion our ethos and world standpoint” which it will beef up thru buyer and trade building, advertising and marketing, branding, and
distribution, along capital.

Advisors to Evidence of Capital come with Greg Kidd, the previous leader possibility of Ripple; Howard Wu, the co-founder of Dekrypt Capital and a cryptography researcher on the College of California, Berkeley; Dominic Williams, the founding father of Dfinity; Morning time Track, a Berkeley professor and the founder of Oasis; and Kas Vardhanabhuti, a former dealer on the George Soros Fund.