Venrock, the Rockefeller family’s official venture capital arm had its fortune multiplied by prescient bets on then-upstarts like Intel and Apple and long after that the firm is embarking on a new frontier – cryptocurrency.
According to reports from Fortune, they will be partnering with Coinfund, a cryptocurrency investment group in support of digital currencies and Blockchain business innovation.
Kennedy, a Twitterati says:
“I think this partnership will perform good, the future of finance may be available. But, will this help the crypto fall?”
Venrock and CoinFund met each other through their mutual investment in YouNow, a live video-streaming app maker. This is the second most well-established start-up to pivot cryptocurrency and had earlier announced that they had decided to host an “initial coin offering [ICO]” whose virtual tokens would form the basis of a new, and untested, business model.
David Pakman, a Venrock partner said:
“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.”
He counts investments in Nest and Dollar shave club among his plaudits and only looks for long-term profits. The speculation-driven volatility is inherently attached to cryptocurrencies and despite this, he says:
“There are quite a few crypto traders in the market and a lot of crypto hedge funds but, this is different.”
He described the collaboration while stating a fact that it looks a little bit more like venture capital to them.
CoinFund is 3 years old and has backed a number of prominent blockchain projects with the most recent addition – CoinList which is an AngelList spinout that aims to help companies undertake regulation-complaint ICO’s to their portfolios.
CoinFund Co-Founder, Jake Brukhman expressed his excitement to bolster New York’s cryptocurrency scene with the old-meets-new partnership. He also said that they will work closely with the collaborated team to help mentor, advise, and support teams in this space and hence, ‘try to cultivate a unique synergy between the teams’.
“We have noticed a lot of experienced founders and more traditional tech start-ups adopting blockchain and we see a lot of growth in the same.”