Venrock, the venture capital arm of the Rockefeller Foundation, has signed a strategic partnership deal with Coinfund, a Brooklyn-based cryptocurrency investment fund.
CoinFund LLC was founded just under three years ago by figures from Goldman Sachs, Amazon.com, the MIT Digital Currency Initiative and other established companies. Its portfolio of digital assets is diverse but includes the Props Project, a network of media applications that rivals the likes of Youtube and Facebook by rewarding users with tokens.
Venrock itself has an enviable track record that includes early investment into groundbreaking tech companies such as Intel and Apple.
Traditional Venture Capital Moving Increasingly into Crypto
A spokesman from CoinFund stressed that “ … the partnership reinforces the mandate for CoinFund to continue building out a technology-focused and scientific approach to investment in decentralised networks and new business models enabled by blockchain technology.”
Despite the torrent of negative comments from various regulatory authorities in recent months, it appears an increasing number of high profile investors have decided the time is ripe for investing in cryptocurrencies.
In the summer of 2017, Rothschild Investment Corporation reportedly invested in Greyscale Investment’s Bitcoin Investment Trust (GBTC). On Friday, Bloomberg reported that Soros Fund Management had been given the green light to invest in cryptocurrencies by George Soros shortly after he had publicly commented that Bitcoin was in a bubble in January.
This latest news from Venrock has some speculating that high-wealth insiders know the harsh financial regulatory landscape may be due for a change.
As Charles Hoskinson, CEO of Cardano, commented “Rockefeller, Soros, and Rothschild money entering the cryptocurrency space….it sounds like regulations might be getting a bit more lax.”