Rockefeller Founded Venture Company …
Rockefeller-founded venture capital firm to pursue cryptocurrency investment
In 1969, John Rockefeller’s grandson gathered his brothers and sisters to form the official venture capital arm of the dynasty called Venrock, with clients including Nest and the Dollar Shave Club. Today, after decades of capital-raising through investments in businesses such as Intel and Apple, Venrock is opening up a new horizon for itself – the cryptocurrency market. Writes about it Fortune.
Venrock partner David Pacman revealed that the company has entered into an agreement with the Brooklyn cryptocurrency investment group CoinFund.
“We wanted to enter into an agreement with this team, which invests and helps shape many different crypto-economies and projects based on cryptocurrency tokens,” he said..
Venrock and CoinFund co-sponsored streaming startup YouNow. Last fall, YouNow decided to test a new business model, for the implementation of which they issued their own tokens and sold them through ICO.
Pacman argues that he is not interested in short-term profit, despite the fact that it is this factor that often attracts investors to the highly volatile cryptocurrency space..
“There are many crypto traders on the market. Many cryptocurrency hedge funds. They are different, ”he said. “In fact, we view these investments as a kind of venture capital”.
CoinFund has a wealth of experience collaborating with well-known blockchain projects. These include, for example, Kik, the developer of the popular messenger, which launched its own cryptocurrency token last year..
CoinFund co-founder Jake Bruchman told Fortune that his company is happy to support Venrock in its quest to enter the cryptocurrency industry..
“We will work closely with them to maintain and mentor teams in this space,” he said. “We are trying to create unique interactions between teams as we see more experienced founders and more traditional tech startups take an interest in blockchain.”.
Earlier it became known about the intention of George Soros’s company to engage in cryptocurrency investing.
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