April 9, according to “Fortune” magazine, Venrock, a venture capital firm owned by the Rockefeller family, the top consortium in the United States, will work with digital currency investment company CoinFund to help entrepreneurs establish blockchain-based businesses.
In 1946, Rockefeller Brothers was founded by Lawrence S. Rockefeller of the Rockefellers. In August 1969, the company was renamed Venrock.
So far, Venrock has invested in more than 440 companies, including Intel, Apple, DoubleClick, 3Com, of which 125 companies have successfully listed, and the total investment exceeds 2.5 billion US dollars.
Today, the company is embarking on a new field: cryptocurrency.
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”
Parkman has invested in Nest and Dollar ShaveClub. He said he is not interested in short term profits, despite the speculation-driven volatility associated with cryptocurrencies..
Parkman said: “There are a lot of crypto traders in the market. There are a lot of cryptocurrency hedge funds. This is different. In fact, to us, it looks a little bit more like venture capital.”
As for CoinFund, the company was founded three years ago and is the emerging digital currency investment institution in the United States. It has invested in some well-known blockchain projects. This week it invested in CoinList, a derivative product launched by AngelList, a US equity crowdfunding platform, aims to help companies undertake regulation-compliant ICOs, to its portfolio.
One of CoinFund’s most famous clients is the chat app maker, Kik, which was the first startup company to launch a crypto-pivot before YouNow last year and raised one million U.S. dollars in the initial Coin Offering (ICO) last autumn.
CoinFund co-founder Jake Brukhman said that he is very happy to work with Venrock.
He said: “We’ll be working closely with them to help mentor, advise, and support teams in the space. We’re trying to cultivate a unique synergy between teams as we see more experienced founders and more traditional tech startups taking up blockchain.”
Like many blockchain proponents, Parkman and Bruchmann see the potential of this technology as a great opportunity for middleman.
George Soros, the main traditional investor who once referred to bitcoin as a “bubble”, will also invest in cryptocurrencies through Soros Fund Management. In mid-February this year, Soros’s investment fund became the third largest shareholder of Overstock, a retail company that accepts bitcoin payments.
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