Venrock (a Rockefeller company) announced that they will be investing in cryptocurrencies going forward.
Venrock is a venture capital firm created by the Rockefeller family in 1969 to capitalize on the successful investing activities of the Rockefeller family that started back in the 1930's.
Venrock is currently a 3 billion dollar firm, but it wasn't always that way...
The firm started with a mere $1 million investment, but after several major winners along the way, the firm became worth roughly $3 billion as of today.
The firm was founded by the grandson of John D. Rockefeller, who brought his siblings together to launch the family firm.
The firm to enter the cryptocurrency space?
The firm recently announced that they will be investing in the cryptocurrency markets as well as new crypto related projects.
Specifically, Venrock announced that they will be partnering with CoinFund, which is a venture capital fund that invests in companies that use blockchain technology. To date, one of their greatest success stories is that of KIK, which is a widely used chat app that recently launched its own cryptocurrency.
David Packman, one of the fund's partners had this to say regarding their cryptocurrency investment plans:
"Venrock isn'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."
There you have it, Venrock isn't interested in speculating on the hot crypto of the day.
Instead, they are looking at more from the venture capital side. IE helping promising projects raise funds and making very large returns when those projects eventually reach maturity.
Think that sounds like wishful thinking on their part?
Well take a look at some of the other success stories of Venrock.
Venrock was an early stage investor of both Apple and Intel long before they were household names.
Currently, they are invested in Nest and Dollar Shave Club. Both of which have grown to multi billion dollar valuations after Venrock got involved.
Venrock has had a very astute eye in the past when it comes to evaluating potential investments and it seems the crypto industry has caught their eye as of late.
I would not be surprised to hear that many other venture capital firms start to follow their lead into the space as this does appear to be a major growth area going forward.
It appears the underlying infrastructure continues to strengthen despite the recent price declines that seem to be happening just about every day.
More about the news can be found here:
Stay informed my friends.
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