A group of investors has launched a new blockchain-focused venture capital fund worth $50 million, aiming to bring the technology to the masses.
The fund, called Proof of Capital, has been founded by three partners: Phil Chen, formerly at Horizons Ventures; Chris McCann, formerly at Greylock Partners; and Edith Yeung, previously an adviser to venture capital firm 500 Startups.
Proof of Capital will invest in early-stage startups that focus on several areas in the blockchain ecosystem, including remittances, custody and wallets, as well as security and identity, according to an announcement Wednesday.
Chen told CoinDesk that the public are now aware that their data is being “misused and sold” by the largest tech companies, adding:
“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 take back control of their data.”