Last week saw the likes of Soros Fund Management took an active interest in the cryptocurrency market.
The company, set up by the legendary George Soros has since received approval to trade in cryptocurrencies as part of its vast trading portfolio. However, the fund has yet to make any significant bets within the field.
Since the announcement other influential names have jumped into the market. Venrock forged a partnership with cryptocurrency investor group CoinFund.
Venrock represents the venture capital arm of the more famous Rockefeller Foundation. Named after the renowned John D. Rockefeller, Venrock is seemingly following Soros' footsteps by entering the cryptocurrency space.
The very first major names to get involved with cryptocurrencies include the renowned, yet controversial Rothschild Investment Corporation in 2017, $210,000 worth of Bitcoin through the Greyscale Investment’s Bitcoin Investment Trust (GBTC). The GBTC trust is allows investors to gain regulated exposure to bitcoin price without the risk of owning bitcoin.
Rockefellers, Rothschilds, And Soros
CoinFund, in particular, is making a name for itself, much as Coinbase has been doing, as it too seeks to provide greater access and funding for new business models and decentralised networks.
The comapy is set to provide the Rockefellers a ready-made list of unique cryptocurrencies the fund already has stakes in. Its team is comprised of experts from the financial world, including from Goldman Sachs, Amazon, and the MIT Digital Currency Initiative.
The CEO of Cardano, Charles Hoskinson, believes that the larger names in Finance entering the cryptocurrency markets will result in higher laxity in any regulation.
Rockefeller, Soros, and Rothschild money entering the cryptocurrency space....it sounds like regulations might be getting a bit more lax— Charles Hoskinson (@IOHK_Charles) April 7, 2018
Speaking to Fortune, Venrock partner David Pakman revealed the company isn’t interested in short-term profits, but is looking to make profits based on the future of blockchain technology and the virtual currency industry. He noted that there are various cryptocurrency hedge funds in the market, and that this “is diferent,” as it “looks al ittle bit morel ike venture capital.”