The Rockefeller family firm Venrock is turning its sight on the crypto market. This comes days after George Soros’ firm also indicated that it will be making a foray into the crypto market.
The Rockefeller family firm Venrock which is about half a century old has been known to largely have its focus on the science and technology sectors. The firm has investment interests in the likes of Apple, Intel, StaraCom, AppNexus to name a few and with this history in the bag, it isn’t much of a surprise to see it make a foray into cryptocurrency investments.
Venrock’s incursion into the crypto-market might not change much by way of market movement, it is however a significant occurrence which shows that increasingly, institutional investors are acknowledging the potential the cryptocurrency market has and are taking steps to ensure that they do not get left out.
The Rockefeller family is known to be one of the most affluent in the world with many visible investments especially in the U.S. Some of the family’s interests include Standard Oil, Museum of Modern Art and the former World Trade Centre to name a few.
Venrock in its move into the crypto market has teamed up with Coinfund to help it get some soft-landing. David Pakman of Venrock whiles speaking to Fortune stated that “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. 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 is well-known in crypto circles with its investments in notable projects with particular interest in the Initial Coin Offering (ICO) sub-sector.