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Rockefeller’s Invest in Crypto’s and Blockchain Technology

The Rockefeller’s, one of the richest families in the world, is using their family’s venture capital fund to move into cryptocurrencies. A majority of the major cryptocurrencies were trending up on the reports that more companies are entering the crypto market. Venrock, the venture capital firm that was created by the Rockefeller’s, is partnering with CoinFund to help launch blockchain-based startups. Venrock has a reported $2.6 billion in assets under management. The Rockefeller family has an estimated net worth of over $1 trillion.Venrock is currently interest in the long-term stating, “There are a lot of crypto traders in the market.” “There are a lot of cryptocurrency hedge funds.This is different. To us, it looks a little bit more like venture capital.” CoinFund, the cryptocurrency investment group that Venrock is partnering with was founded in 2015 and has already invested in blockchain start up companies such as Kik.The Rockefeller’s are known as one the original pineers of the financial system that we know of today. John D. Rockefeller Sr. and his brother started Standard Oil and made a majority of their family’s fortune off of the US petroleum industry.  They later created the Chase Manhattan Bank and then founded Venrock in the late 1960’s. Venrock was the family’s venture capital arm that was an early investor in Apple and other well-known companies. They have been known to be on the cutting edge of technology and are one of the most forward thinking families in the world. It is obvious from the news of Venrock entering the cryptocurrency market that the Rockefellers notice the importance that cryptocurrencies and blockchain technology will have on the future of the world’s financial markets.With more high profile names entering the emerging cryptocurrency markets expect to see a rise in prices going forward as investor confidence rises. Blockchain has the ability to improve our current banking system.