According to breaking news sources, including Fortune Magazine, the venture capital firm, Venrock, started by the Rockefeller family is going long on cryptocurrencies. They are partnering with the digital token investment firm called CoinFund.
Venrock’s senior Partner David Pakman told Fortune that “We wanted to partner with this team that has been making investments and actually helping to architect a number of different crypto economies and crypto token-based projects.”
Venrock reportedly posses $2.6 billion in managed assets. The Rockefeller family, and his descendants, are one of the world’s richest families. The net worth of the Rockefeller family is believed to more than $1 trillion.
David Pakman said Venrock is not in the game for profits for the short term only. They want to make a long term investment into the blockchain technology. This is the underlying technology that makes the digital currency world. “There are a lot of crypto traders in the market,” Pakman said. “There are a lot of cryptocurrency hedge funds. This is different. To us, it looks a little bit more like venture capital.”
Venrock Investments joins forces with CoinFund
The cryptocurrency investment firm CoinFund was established in Brooklyn in 2015. CoinFund is already invested into several blockchain startups. One of these is called Kik Interactive. They are a maker of instant messenger apps.
CoinList is another blockchain startups client of CoinFund client. They are a technology platform which works with digital coin companies to launch ICOs that are regulation compliant.
Jake Brukhman, the CoinFund co-founder said to Fortune that they are excited for the new capital inflow and seed money into the industry. He says that it will only bring new interest into New York’s cryptocurrency industry and infrastructure.
Brukhman said that “We’ll be working closely with [VenRock] to help mentor, advise, and support teams in the space.” He added that they are “trying to cultivate a unique synergy between teams as we see more experienced founders and more traditional tech startups taking up blockchain.”
The Rockefellers entry into the cryptocurrency universe is yet another positive indication that blockchain technology and cryptocurrencies are too important to ignore.
Even top tiered universities in the States and the world, like Stanford and Wharton, have added MBA programs teaching bitcoins, cryptocurrencies and blockchain technology to students.