New $50 Million Venture Fund Eyes World Blockchain Adoption

A team of buyers has introduced a new blockchain-concentrated venture funds fund really worth $50 million, aiming to convey the know-how to the masses.

The fund, identified as Proof of Money, has been established by three associates: Phil Chen, formerly at Horizons Ventures Chris McCann, formerly at Greylock Partners and Edith Yeung, formerly an adviser to venture funds organization 500 Startups.

Proof of Money will invest in early-stage startups that concentration on a number of spots in the blockchain ecosystem, together with remittances, custody and wallets, as nicely as stability and id, in accordance to an announcement Wednesday.

Chen instructed CoinDesk that the general public are now aware that their data is being “misused and sold” by the premier tech providers, incorporating:

“We want to support proliferate blockchain know-how by funding worldwide founders who are setting up the hardware and application of Internet 3. – the decentralized net, which will secure customers and permit them just take back again command of their data.”

Proof of Money has already created its 1st expense in Argentina-primarily based blockchain startup Ubanx, which, it states, presents a platform to connect a mainstream audience to the blockchain ecosystem of products and expert services.

The fund is further more partnering with HTC on its EXODUS blockchain cell phone. Chen, who is at present also HTC’s decentralized chief officer, stated that fund will “work closely with HTC to outline the benchmarks and interactions for this new net and convey cell and hardware know-how for our portfolio providers.”

The fund’s other buyers contain YouTube co-founder Steve Chen, former chief hazard officer at Ripple Greg Kidd and Taiwanese chemical organization Formosa Plastics. Advisors contain Kidd, Howard Wu of zcash and Dominic Williams of Dfinity, amid other individuals, in accordance to the announcement.

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