Last week, the world of cryptos were shaken up as Bloomberg reported about George Soros’ Funs plans to step into the crypto-ecosystem and start trading cyber assets. But the surprises did not stop popping up just like that.
On April 6, David Pakman, a partner of Venrock – company, founded by John D. Rockefeller’s grandchildren, – unveiled Fortune astonishing plans. Venrock (which is made up out of “venture” and “Rockefeller”) is going to deal with a cyber-coin investor group – CoinFund, claiming its role in the world of digital assets.
Rockefellers In The Game
Nearly 50 years ago, the grandson of the deceased oil-industry magnate John D. Rockefeller, invited his siblings to found Venrock. Since that time it has been known as the formal venture capital firm of Rockefellers.
Despite all ups and downs in the history, Venrock, after all, managed to go through them successfully and enhance its fortunes thanks to Apple and Intel. Now, as it seems, the firm is looking for new horizons to conquer, and the first will be the realm of cyber assets.
According to Pakman’s words, at the moment Rockefellers’ vencap “arm” is collaborating with New-York-headquartered CoinFund to assist businesspeople in developing blockchain-based projects. Indeed, Venrock and CoinFund have created a joint venture for that goal.
Pakman told Fortune about the issue:
“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’s partner Pakman believes that the emergence of cryptos mean that there are less “gatekeepers” for people, who want to do business.
“I don’t believe that a small group of people should make the decisions about which projects can raise some money and get off the ground,” said Pakman.
What Do We Know About CoinFund?
It is not the first time when CoinFund, established three years ago, supports outstanding startups, focusing on the blockchain.
Just last week CoinFund appended CoinList, which is aimed at assisting companies in launching legal ICO, to its portfolio.
Another significant customer of CoinFund is a maker of chat apps Kik. This one even beat YouNow in the list of well-launched startups.
So the deal with Venrock could be another crypto-milestone for this company.
How Did It Start?
It is quite rare for a known company to enter the world of cryptos. However, for the last time, it has been getting the traits of a trend. For example, the Fund, established by the business magnate George Soros, reportedly is going to commence crypto-trading.
Also, Coinbase, one of the most significant crypto trading venues announced it is going to invest in startups, which are working in the niche of cyber assets and blockchain.
So Venrock’s case is not unique. But it is interesting that for the first time the firm dealt with CoinFund when both of them mutually piled into a live video-streaming application maker YouNow. Notably, that last year this project assumedly helped the firm to make a step towards cryptos. In autumn 2017, the startup decided to hold an ICO.