Venrock, the Rockefelle family’s official venture capital arm (“Venture” plus “Rockefeller”), is looking to invest in cryptocurrencies.
Venrock is teaming up with CoinFund, a Brooklyn-based cryptocurrency investor group, to help entrepreneurs build businesses based on blockchain.
“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,”.David Pakman, a Venrock partner, told Fortune.
CoinFund cofounder Jake Brukhman said, in turn that he was excited to bolster New York’s crypto scene with the old-meets-new partnership.
“We’ll be working closely with them to help mentor, advice, and support teams in the space,” he said.
“We’re trying to cultivate a unique synergy between teams as we see more experienced founders and more traditional tech startups taking up blockchain.”
Pakman and Brukhman see tremendous opportunity in the potential for the technology to disintermediate middlemen.
It was announced earlier that George Soros, who called cryptocurencies “a bubble” in January, was preparing to trade cryptocurrencies.
By Siranush Ghazanchyan