Money blessing? Rockefeller targets crypto start-ups

20. November 2018 Aus Von admin

Venrock, Rockefeller’s venture capital company, has more than $3 billion in assets. In cooperation with CoinFund, the company wants to financially support various promising start-ups from the blockchain and crypto scene. The long list of clients also includes Cloudflare, Nest Labs, Apple and Intel. The Rockefeller Group is thus following the example of the new holding company of the Coinbase trading centre.

David Pakman, co-owner of Venrock, made comments about Bitcoin loophole to the press

In the 1930s, money was made by investing in oil companies. Today, he said, crypto companies were being used to new shores. The employees of CoinFund and Venrock got to know each other through a joint investment in the manufacturer of the Bitcoin loophole cross-platform chat and video software YouNow, which was used intensively for the first time three years ago by the younger German audience to present themselves. In September 2017, the management of YouNow announced its own ICO. Also in autumn last year, YouNow’s new project called Props was announced, which is intended to enable direct remuneration of other participants. This means that creators of live streams and videos can be paid using their own crypto currency instead of hoping for small advertising revenues from a centrally organised video platform such as YouTube like this:

According to David Pakman, Venrock’s commitment is long-term. It would not be Rockefeller’s intention to invest short-term funds in crypto currencies, hedge funds or start-ups in order to make fast money. CoinFund’s most prominent project is KiK, also a New York-based manufacturer of a chat app. Venrock will accompany, advise and actively support the start-ups together with CoinFund. There is currently a trend that many long-established technology companies and founders of many years‘ standing are suddenly investing financial resources in their own blockchain projects. Obviously, Rockefeller’s venture capital company does not want to miss this trend.

Rockefeller: Venture capital companies should make the news spy superfluous

The technology is also interesting because it could free the news spy community from the barrier keepers and thus decentralize the system. Centrally located providers such as YouTube always tend to ask their users to pay or even exploit them in some way. Blockchain technology could help to reduce the number of barrier guards in the future: But in the long run, the new technology should also help to free company founders from a few financiers. According to Pakman, their capital gives them a tremendous amount of power. He believes that even if his company were to become redundant, there should not be a small group of people whose influence can decide on the future of start-ups. We will see if they will succeed.

Alternatively, sensible regulation could ensure that the community can use Initial Coin Offerings (ICOs) to put their money into new projects in a meaningful way without being ripped off. Not only are a large number of ICOs nothing but fraud, but the future prospects of many new companies are not always as rosy as promised in the announcements. So it will be exciting to see how Venrock will replace the testing and helping hand of a venture capital firm.