Elite family to start investing in blockchain technology
Venrock, the venture capital firm founded by the Rockefeller family, is now investing millions into Bitcoin and cryptocurrency, according to CoinThud.
Venrock is the venture capital wing of the empire founded by John D. Rockefeller in the early 20th century, which is now setting its sights firmly on crypto and blockchain technology.
One of the VC firm’s partners, David Pakman, said that there will be a new partnership with CoinFund, a New York-based Blockchain technology advisory founded in 2015.
Both parties subsequently announced confirmation of the new deal on social media.
The move marks the Rockefeller conglomerate’s first dealings with the cryptocurrency industry.
During the announcement, Pakman emphasized Venrock’s interest in supporting the industry’s long-term growth, rather than merely shorting the markets, saying:
“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.
“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.”
Following the announcement, the crypto markets responded positively.
Within 24 hours of the news breaking, broke out of the recent downward trend by rising 3 percent on Sunday, according to Coinmarketcap.
While the two companies have yet to reveal precisely which digital assets they will focus on, it’s bound to impact the market.
The input from such a sizeable investing power sets Rockefeller apart from other traditional financial institutions, who either remain on the sidelines or in total opposition to crypto.
Major players such as Goldman Sachs, JPMorgan, and Berkshire Hathaway have made their disdain for cryptocurrency very public.
The same institutions have also expressed their belief in the future of Blockchain technology, however.
In February, Berkshire Hathaway’s VP Charlie Munger described Bitcoin as “totally asinine.”
Munger went on to say he was “disgusted” by the idea of investing in crypto markets.
In a palpably different tone, Pakman told Fortune:
“Gatekeepers tend to charge rent or toll on users.
“The benefit of the advent of crypto is that we have fewer gatekeepers.”