Venrock, a venture capital firm created by John D. Rockefeller’s family is investing in cryptocurrencies.
The three billion dollar firm will be investing in the cryptocurrency market and projects. Founded in 1969, the grandson of John D. Rockefeller brought his siblings together to form the company. The company started with a one million dollar capitalization, but after multiple successes, they’ve grown into a huge three billion dollar firm.
Venrock is known for its abilities to find extremely successful start-ups. Their long list of clients is very impressive. They’ve invested in Intel and Apple before they were household names. Even recently, they’ve had prominent success. Nest and the Dollar Shave Club are clients of Venrock, and they’ve grown to be multi-billion dollar firms.
Since Venrock has such impressive success, cryptocurrencies being added is a huge sign. They’ve done their research and have found crypto to be a huge space in the future. This is an extremely bullish sign. Many venture capital firms will follow in Venrock’s footsteps, investing in crypto.
When asked about cryptocurrencies, David Pakman, a Venrock partner, had an interesting response. He said Venrock wasn’t interested in short-term gains, but rather the long-term future of crypto. Venrock is making a multi-million dollar bet on cryptocurrencies being part of our daily lives in the future.
Venrock will be partnering with CoinFund, a fund that specializes in the cryptocurrency industry. CoinFund is a venture capital firm that invests in companies that use blockchain technologies. One of CoinFund’s greatest successes is Kik, a widely-used chat platform that recently created its own cryptocurrency.
This article was originally published by BitPlex