The Rockefeller family are following in the recent footsteps of George Soros and the Rothschilds, becoming the latest financial industry giant to enter the cryptocurrency market.
News outlets reported today that the official venture-capital arm of the Rockefeller family’s assets known as Venrock has signed a partnership with Coinfund, financially backing the virtual tokens and blockchain innovations.
Coinfund already has a number of projects under its belt, including the development of messenger app Kik that raised USD 100 million during an initial coin offering (ICO) last year.
Coinfund confirmed the partnership on Twitter, saying ”We are excited to partner with @pakman and @Venrock for our work in
#decentralization and #blockchain!”.
— CoinFund (@coinfund_io) April 6, 2018
The Rockefeller family has an impactful legacy in the world of business, particularly in oil. After the corporation Standard Oil was broken up by the US federal government, several resulting spinoffs became the biggest players in the oil industry, with the family financially linked to ConocoPhillips, BP, Chevron, and Exxon-Mobil.
A new trend?
The news of the Rockefellers entering into a cryptocurrency venture follows reports last week of George Soros preparing to invest in digital assets. Soros Fund Management is said to have secured internal approval to trade the currencies, despite Soros’s earlier criticism of them.
The Rothschilds also appear to have entered the market, with the family name allegedly purchasing Bitcoin via Grayscale Bitcoin Trust in December last year.
These new names entering the fold are perhaps not the ones that were expected to back a decentralized, peer-to-peer financial network, as they all have a history of close ties to large corporate banks and financial institutions.
Cryptocurrency investors are speculating that these large investors entering the market may swing the current regulations from global financial watchdogs in a positive direction.
As more well known, respected names tied to the financial sector give their tacit approval by investing, this may have the power to influence the current tough stance on cryptocurrencies globally.