Venture capital firm, Venrock, is following its mission to support technological progression in companies by joining hands with blockchain research and crypto investment company, CoinFund. Venrock partner, David Pakman, delivered the news to business magazine Fortune on April 6th 2018. CoinFund also published a press release explaining that this alliance will create more opportunities for blockchain-based projects in the crypto environment.
By leveraging each other’s domain expertise, our two teams will be able to mentor, advise, and support teams in the space more effectively than ever before.
Pakman told Fortune that Venrock was not looking at short-term profits, “There are a lot of crypto traders in the market. There are a lot of cryptocurrency hedge funds. This [partnership] is different. In fact, to us, it looks a little bit more like venture capital.”
He also published a post on Venrock’s official website, in which he talked about the crypto movement. He wrote that gatekeepers such as Facebook are free to use but they come at a hidden price: user information can be sent to advertisers or other people. Thus, centralization means that a few powerful people get the opportunity to put others into an unfavorable position. “In my opinion, the most important implication of the arrival of cryptocurrencies and the blockchains on which they are built is the possibility of building sustainable decentralized computing platforms, services and apps,” wrote Pakman.
He added that the arrival of cryptocurrencies and blockchain technology came at a perfect time. In fact, when Bitcoin was launched, a credit crisis had taken over the world, which is why the digital currency gained a lot of attention. Lastly, he explained that collaborations with crypto companies would reduce the number of gatekeepers and that people would be able to witness a future “where users have more control, and where users participate more fairly in both the governance of these networks and the economic value creation that ensues.”