A new blockchain startup by the name Proof of Capital has launched its services with the intention of taking the blockchain technology to the masses. The firm which is worth $50 million is founded by a group of investors who are enthusiastic about the nascent technology.
The founding team is made up of three partners namely; Chris McCann who previously worked at Greylock Partners, Phil Chen who prior worked with Horizon Ventures and Edith Yeung who prior was an advisor at venture capital firm 500 startups.
Proof of Capital Will Focus On Early Blockchain Startups
According to an announcement made earlier today the company will focus on investing in early-stage startups that are aiming to offer solutions in several areas of the blockchain ecosystem, including custody and wallets, remittances and also security and identity.
While speaking to CoinDesk, Chen noted that currently, the public is well aware of the fact that their data is being “misused and sold” by the largest technology companies.
“We want to help proliferate blockchain technology by funding global founders who are building the hardware and software of Web 3.0 – the decentralized web, which will protect users and allow them to take back control of their data.”
Already the company has invested in Ubanx, a blockchain startup that is based in Argentina. According to Proof of Capital, the startup is working on a platform that will help connect the mainstream audience to the blockchain ecosystem through various products and services.
Proof of Capital has also partnered with HTC on its blockchain phone, EXODUS.
Chen who also serves as the decentralized chief officer at HTC added that the newly launched platform would “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.”
What’s your take on Proof of Capital and its ambitious goal of taking the blockchain technology to the masses? Share your thoughts in the comment section below.