Venrock, the official venture capital arm of the Rockefeller family, has partnered with crypto investment group Coinfund to support cryptocurrency and Blockchain business innovation, Fortune reported April 6.
Coinfund has recently added token-based financial services platform Coinlist, a spinoff of startup connection website AngelList, to the number of projects that it backs. Coinfund is also known for backing chat messenger app Kik, which raised almost $100 mln in the Initial Coin Offering (ICO) of its Kin token last fall. Fortune notes that Venrock and Coinfund met through their mutual investment in the live video streaming app maker YouNow.
When asked about Bitcoin’s (BTC) recent failure to strongly stay above $7,000, Venrock partner David Pakman told Fortune that the price of “a single currency over the next day, week, month, year” is not what they thought about when deciding to partner with a crypto investment group.