Venrock, the Rockefellers family venture capital company, has joined the list of organizations who have taken an interest in investing some of their profits in cryptocurrencies.
At the time when cryptocurrency is seeing some rough times, Rockefellers’ interest in cryptocurrency and blockchain technology is likely to have a positive impact and generate public interest towards cryptocurrency.
The company is convinced about the benefits of the blockchain technology for enterprises and organizations from different industries and even governments. David Pakman, a Venrock’s representative, stated that he’s not interested in short-term gains, not minding the speculation-driven volatility that comes with cryptocurrencies, and insisted Venrock is in crypto for the long term.
According to reports from Fortune, Venrock will be partnering with Coinfund, a popular cryptocurrency investor group with clients like Kik and CoinList, and over the past 3 years has backed a number of prominent blockchain projects. Venrock and CoinFund met each other through their mutual investment in YouNow, a live video-streaming app maker.
Commenting on the partnership, Mr. Pakman 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.”
CoinFund Co-Founder, Jake Brukhman expressed his excitement to bolster New York’s cryptocurrency scene with this partnership. He also said that they would work closely with the partner’s team to help mentor, advise, and support teams in this space and “try to cultivate a unique synergy between the teams.”
And just a few days ago, reports were circulating that a well-known investor George Soros was investing in cryptocurrency. According to Bloomberg, Adam Fisher, an investor at Soros Fund Management, has received the go-ahead to trade virtual currencies. This news came shortly after Mr. Soros’s comment about cryptocurrency that “Currently [bitcoin] is used mostly for tax evasion and for the rulers in dictatorships to build a nest egg abroad.”
Even if Mr. Soros still has this view, it doesn’t prevent him from investing in crypto for his own purposes, namely profit. And when it comes to investments, he’s rarely wrong.
Will the Rockefeller’s and Soros’s entrance into the cryptocurrency space make a difference? We will see.
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