Many people recall the legacy of John Rockefeller as one that has taken a backseat in American history since the role it played in what is known as the “roaring 20s.”
However, it appears that his family is still alive and kicking through a venture capital firm—Venrock—that is now confirmed to have ambitions in the cryptocurrency and blockchain spaces.
Partnering with CoinFund, a cryptocurrency investment firm, the company plans to provide funding to promising entrepreneurs who wish to develop blockchain-based projects.
“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,” said David Pakman, a partner at Venrock.
Venrock and CoinFund got acquainted with each other when they first invested jointly in YouNow, a live-streaming platform that was one of the first ventures to begin using cryptocurrencies.
Usually, companies that finance any project that has to do with cryptocurrency or blockchain want a fast-paced road to profit. This isn’t necessarily the case for Venrock, according to Pakman.
“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,” he said.
CoinFund seems to have a similar mentality, with cofounder Jake Brukhman telling Fortune magazine that he wants a partnership that helps “mentor, advise, and support teams in the space.”
It’s important to note that the company doesn’t plan to put any money into Bitcoin or other similar cryptocurrencies, but it might help finance the creation of tokens through its investment in some ICOs.
This is in contrast to George Soros’ hedge fund, which has just recently received approval to begin trading cryptocurrencies.
This is a complete 180-degree turn, as the man himself stated that cryptocurrencies cannot be considered actual currencies because of their volatile nature.
This move, coupled with Venrock’s, might give the space a more pronounced sense of legitimacy.