Venrock, the official venture capital fund of the Rockefeller family, announced a partnership with Brooklyn-based cryptocurrency investment group CoinFund, as reported by Fortune on April 6.
Started in 1969, Venrock, which is a portmanteau of “Venture” and “Rockefeller,” multiplied the already vast Rockefeller wealth by being an early investor in such companies as Intel and Apple. CoinFund was an early backer of projects such as CoinList and Kik messenger. The two funds became acquainted through their mutual investment in live video streaming app YouNow and decided to partner together to help entrepreneurs build companies and products using distributed ledger technology.
Despite viewing crypto a “wild space up and down the whole stack” and initial coin offerings (ICOs) as “certainly one of the most wild spaces of it all,” Venrock partner David Pakman praised blockchain technology’s ability to “allow user consensus to govern the future” of “sustainable decentralized computing platforms, services and apps.”
When asked about recent price fluctuations for Bitcoin, Pakman responded that the price of “a single currency over the next day, week, month, year” did not determine Venrock’s interest in the crypto space. “We’re really patient long term investors [...] we’re wondering what happens over the next five to ten years,” Pakman added.
According to Pakman, blockchain has the potential to change entire industries. ‘Commodity’ applications like messaging, social media and application infrastructure like file storage and computing “become very much like public utilities” but with the added bonus that they are “owned and governed by their participants.”
“For many of us, this is the mission behind crypto,” he added.