A director at HTC recently revealed that the firm is leading a $50 million blockchain fund, as part of the partnership with Proof of Capital.

The fund is currently held in fiat and is aim at “regular VC deals, as opposed to token-based investments.” The fund is intended for in fintech, infrastructure, hardware, early-stage blockchain firms, and the consumer sphere of the blockchain ecosystem. While remains international, the fund will focus on Asian markets and emerging economies.

The head of Proof of Capital’s fund is three tech and VC figures, Phil Chen, creator of  HTC’s Vive VR headset and is currently developing its Exodus blockchain phone, Edith Yeung, partner at Silicon Valley-based global VC firm 500 Startups, and Chris McCann, former Head of Community of Greylock Partners.  

The fund comes with a partnership between the two, allowing Proof of Capital portfolio companies to work directly with HTC to provide services or products for Exodus and possibly other HTC blockchain investments.

Yeung, an investor of more than 50 tech startups, emphasized that Proof of Capital is traditional, noting that the team comes from a “more traditional VC background.”

Earlier this month, Ripple Xpring and Bain Capital Ventures invested in blockchain firm Robot Ventures.