Consumer electronics manufacturer HTC has anchored a $50m fund closed by US-based, blockchain-focused venture capital fund Proof of Capital, TechCrunch has reported.
Proof of Capital is targeting seed-stage blockchain technology developers, focusing particularly on Asia and covering areas such as financial technology, hardware and blockchain infrastructure.
The fund’s limited partners also include plastics producer Formosa Plastics, private investors Steve Chen and Greg Kidd, and undisclosed family offices. HTC is open to working with Proof of Capital’s portfolio companies on products for Exodus, its blockchain-powered smartphone.
The first company to receive funding from Proof of Capital is Ubanx, the Argentina-based developer of a digital onboarding and payment app, which raised an undisclosed sum.
Phil Chen, the Proof of Capital general partner who is also HTC’s decentralised chief officer, told CoinDesk the fund 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.”
