Venrock Associates, the Rockefeller family's venture fund, has reiterated its interest in cryptocurrency companies, but unlike most venture capital firms, their interest is not limited to digital currency. The company took a more disciplined approach, rather than speculating on the price of Bitcoin and ICOs.
The fund sees its main prospects in equity participation in cryptocurrency companies, company representative David Packman said in an interview with Bloomberg. According to Pakman, Venrock can invest in tokens, but considers startups a more attractive way to invest. Venrock is partnering with CoinFund, which in turn invests in cryptocurrencies.
“I think this is one of the most revolutionary and innovative technology ecosystems, with the potential to create hundreds of billion-dollar companies,” Pacman said about cryptocurrency market.
David Packman joined the company ten years ago and is one of four members of the team responsible for investing in cryptocurrency startups. He said he devotes half of his working time to studying cryptocurrency projects, and the other half to studying companies that produce robotics and consumer goods. Venrock Associates actively evaluates its opportunities and reviews applicants' performance each week.
Referring to the blockchain technology that underlies most cryptocurrencies, Pakman noted that Venrock is committed to investing in the technology itself, rather than in applications that use the technology. “This is an innovation that creates significant value and can also be a legitimate way to create value outside of existing Internet platforms,” says Pakman.
In early April, Venrock invested in the PROPS Project (a decentralized network of video applications) and established a strategic relationship with CoinFund, a group of cryptocurrency system developers.
New York-based Venrock was founded in 1969 as the venture capital firm of the Rockefeller family. The company has invested in young startups before; it was the first to invest in Apple and Intel, when no one knew about these brands. Now the company is ready to develop cryptocurrency companies. Venrock is investing in crypto companies, but is looking further ahead.
According to https://chaining.ru
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