Venrock, a $3B venture capital firm created by John D. Rockefeller’s family is investing in cryptocurrencies.
Venrock is known for its abilities to find extremely successful start-ups. They’ve invested in Intel and Apple before they were household names. Even recently, they’ve had prominent success. Nest and the Dollar Shave Club are clients of Venrock, and they’ve grown to be multi-billion dollar firms.
When asked about cryptocurrencies, David Pakman, a Venrock partner, had an interesting response. He said Venrock wasn’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.
Venrock will be partnering with CoinFund, a fund that specializes in the cryptocurrency industry. One of CoinFund’s greatest successes is Kik, a widely-used chat platform.
Write: Sara Bauer