Speaking on Fortune Magazine's 'Balancing the Ledger', David Pakman announced that Venrock, a large venture capital firm, has partnered with Coinfund. This will give them closer access to the companies that are backed by Coinfund and expand their reach into the cryptocurrency market.
Venrock partner David Pakman said: "We've been spending a lot of time in the crypto eco system and we wanted to partner with this team that have been making investments and actually helping architect a number of different crypto-economies and crypto-token based projects."
Coinfund is a research company and investment vehicle in the cryptocurrency sector. They work with companies to understand how blockchain-based economics can be used across multiple industries.
Coinfund said: "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."
Venrock was originally established as the venture capital arm of the Rockefeller family and currently partners with entrepreneurs to help develop their companies. David Pakman began his career working for Apple for five years, as a project manager and then co-creator of Apple’s Music Group.
Pakman said: "We're using the partnership to learn more about really quality companies who are building important, decentralized platforms. It looks a little bit more like venture capital because these guys are a team of well-respected crypto-enthusiasts who have really helped architect a number of different projects over time."
This follows news that Billionaire George Soros may be set to invest in cryptocurrencies after Soros Fund Management received internal approval to trade them. Soros Fund Management, a private American investment firm, is the primary adviser for the Quantum Group of Funds, an international investment family of funds.