Although he said that cryptocurrencies are a bubble just a few months ago, it was recently revealed that the legendary investor and billionaire George Soro’s investment firm are getting ready to start trading cryptocurrencies.
Now another giant seems to be preparing to throw themselves into the world of crypto.
It is the venture capital company Venrock, which is owned by the wealthy American family Rockefeller, that is looking into investments in the crypto world. Venrock has since they started their business for about half a century ago focused on investments in technology and science. Famous companies like Apple and Intel are among the ones they have invested in, writes Bitcoin News.
Venrock has announced a partnership with Coinfund, an investor group that focuses exclusively on newly started cryptocurrency companies.
“There are a lot of crypto traders in the market. There are a lot of cryptocurrency hedge funds. This is different. In fact, to us, it looks a little bit more like venture capital”, said David Pakman, a Venrock partner, in the show “Balancing The Ledger” at Fortune.
Pakman sees great potential in the blockchain technology, not least because it enables cutting out the middle hand. According to Pakman, Venrock is in crypto for the long term.
“Gatekeepers tend to charge rent or toll on users. The benefit of the advent of crypto is that we have fewer gatekeepers”, said David Pakman.
He believes that today there are only a few people in the venture capital industry, which he calls gatekeepers, who calls the shots. This is something that he wishes would change.
“I don’t believe that a small group of people should make the decisions about which projects can raise some money and get off the ground”, he said in the show.
Previously, other macro managers also have begun to look into investing in cryptocurrencies.
John Burbank, who closed his main fund last year, plans to raise $150 million for two crypto funds.
And billionaire Alan Howard has, separate from his firm, invested big sums in cryptocurrencies last year, and plans continue with that, writes Bloomberg.
