A few days ago, George Soros, the billionaire business magnate and investor, was noted to be warming up to Cryptocurrencies. This is after Adam Fisher, who oversees macro investing at the New York-based Soros Fund Management, said he had gotten internal approval for a move to trade digital assets just a few months ago. This was a complete 180 Degree turn from the early year sentiments of Mr. Soros who had vehemently stated that Bitcoin was not a currency due to its volatility.
Now, news reaching Ethereum World News also indicate another prominent and traditional investment venture capital firm, is also getting knee deep into the world of cryptocurrencies.
Coinfund and Venrock partnership [Photo source, stupen.com]
According to the Venrock website, the company helps entrepreneurs build some of the world’s most disruptive, successful companies. They partner with entrepreneurs who have grand ambitions – who want to tackle big, hard problems that most think not possible. Their collaboration – engagement, network, passion and experience – gives entrepreneurs the unfair advantage needed to win, and win big.
On the other hand, CoinFund is a Cryptofund based in Brooklyn, NY, that invests in the community through Blockchain research, advising and investing.
So what does this mean?
David Pakman, a Venrock Partner, is quoted as saying:
“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…There are a lot of crypto traders in the market. There are a lot of cryptocurrency hedge funds. This [partnership] is different. We’ll be working closely with them to help mentor, advise, and support teams in the space. We’re trying to cultivate a unique synergy between teams as we see more experienced founders and more traditional tech startups taking up blockchain.”
This simply means Venrock is in on blockchain technology, crypotcurrencies and ICOs. And they bring in the Venture Capital to back Blockchain and Crypto Projects.
We can now safely bet that J.P Morgan’s Chairman and CEO, Jamie Damin, will also see the light and potential of cryptocurrencies very soon.
[Photo source, Venrock.com]