The cryptocurrency world has been under constant fire from critics and mainstream businesses. Big fiat-based companies are expressing their concerns very vocally. However recently, the Rockefeller-owned business, Venrock Venture Capital, has partnered with a digital coin business.
Who, what and why?
Venrock has obviously seen the long-term potential of the digital coin industry and is employing effort into crypto research by partnering into the industry. The business in question is Coin Fund a cryptocurrency technology research/advisory company.
What this means
This is all fresh news, but finitely shows both an interest and action of a major financial corporation (part of the wealthiest in America) in the cryptocurrency scene. Competing venture capital firms might act similarly, regardless of this, it will ultimately cause growth in the Bitcoin and altcoin markets.
Why are people still worried about crypto?
There is still a lot of distrust in cryptocurrency. This is all accredited to misinformation, and a general fear of new technology. Additionally, many mainstream banks could be made unnecessary with the adoption of crypto, causing opposition from them. Venrock’s and Coin Fund’s partnership is a step in the right direction. ICO and cryptocurrency scams are another concern for investors. However, a few bad eggs shouldn’t indicate the state of the overall market.
The potential of crypto
With this move by Venrock and many other massive companies, people are beginning to see the role of cryptocurrency in the modern world. Many see it for its long term potential as an asset. However, blockchain technology as a whole is far more important. It has the ability to transform the way the world does a lot of things. Almost any business could profit from understanding what it can do for them. The decentralised nature of blockchain is one of its main selling points. This could help prevent gatekeeping in the financial world, and many other industries. Investing in cryptocurrency is a good first step into the greater scheme of the blockchain world for any company.
Straight from the source
In an interview with Fortune, David Pakman talked about Venrock’s current outlook on the cryptocurrency space. He addressed many mainstream concerns of cryptocurrencies, but assured that regulation will only help. He also stated that Venrock isn’t concerned with the short term effects of crypto but rather what will be happening in the space in 5-10 years.
A big company is investing in cryptocurrency, which in turn means long-term growth and confidence in the market.
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