Rockefeller family’s official venture to embark cryptocurrency world
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Venrock, the Rockefeller family’s official venture capital arm had its fortune multiplied by prescient bets on then-upstarts like Intel and Apple and long after that the firm is embarking on a new frontier – cryptocurrency.
According to reports from Fortune, they will be partnering with Coinfund, a cryptocurrency investment group in support of digital currencies and Blockchain business innovation.
Kennedy, a Twitterati says:
“I think this partnership will perform good, the future of finance may be available. But, will this help the crypto fall?”
Venrock and CoinFund met each other through their mutual investment in YouNow, a live video-streaming app maker. This is the second most well-established start-up to pivot cryptocurrency and had earlier announced that they had decided to host an “initial coin offering [ICO]” whose virtual tokens would form the basis of a new, and untested, business model.
David Pakman, a Venrock partner said:
“We wanted to partner with this team that has been making investments and actually helping to architect a number of different crypto economies and crypto token-based projects.”
He counts investments in Nest and Dollar shave club among his plaudits and only looks for long-term profits.
The speculation-driven volatility is inherently attached to cryptocurrencies and despite this, he says:
“There are quite a few crypto traders in the market and a lot of crypto hedge funds but, this is different.”
He described the collaboration while stating a fact that it looks a little bit more like venture capital to them.
CoinFund is 3 years old and has backed a number of prominent blockchain projects with the most recent addition – CoinList which is an AngelList spinout that aims to help companies undertake regulation-complaint ICO’s to their portfolios.
CoinFund Co-Founder, Jake Brukhman expressed his excitement to bolster New York’s cryptocurrency scene with the old-meets-new partnership. He also said that they will work closely with the collaborated team to help mentor, advise, and support teams in this space and hence, ‘try to cultivate a unique synergy between the teams’.
He says:
“We have noticed a lot of experienced founders and more traditional tech start-ups adopting blockchain and we see a lot of growth in the same.” Follow us on Telegram | Twitter | Facebook Related Topics: Sthuthie Murthy
Sthuthie Murthy is a full-time reporter at AMBCrypto.
She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto’s news reporting team.
She does not hold value in any cryptocurrencies currently. Continue Reading Your email address will not be published. Required fields are marked * Comment US based Nano investor files a lawsuit against the firm demanding a recovery fork
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A lawsuit has been filed against the Nano’s core team by an American individual named Alex Brola through Steven Miller Law Firm. The team has been accused of violating U.
S security laws by selling unregistered securities and ineligible recommendations to rely on cryptocurrency exchange platform BitGrail for storing Nano.
The Italian cryptocurrency exchange platform was banned in the month of February after 17 million XRB (Nano was known as Raiblocks [XRB] earlier) was stolen. Previous reports say that 13 percent of the circulating money was stolen by the owner of BitGrail which was a sole platform for XRB trading.
The lawsuit demands Nano team to perform a hard fork to recover the entire amount which was lost during the month of February. More than a hundred investors were affected by the incident.
Alex Brola is one among them who bought $50,000 thousand worth Nano in the month of December 2017. Silver Miller Law Firm will be contacting all the investors during the investigation. Silver Miller is well known for establishing themselves in cryptocurrency lawsuit. If the evidence is found to be against BitGrail, legal actions will be taken against the firm.
Though the Nano software was open source, the Nano developers were providing the unlicensed securities to all the users.
Currently, according to Cointelegraph, the lawsuit is investigating if the fault is on BitGrail’s part or on the Nano developers’ since both the parties were shifting blame at each other when the scam took place. It was also noticed that the exchange platform did not install the Nano software correctly which made it vulnerable to theft.
According to the suit, most of the cryptocurrency holders are against the BitGrail team instead of Nano developers.
Nate, a blockchain expert says:
“First, a “recovery fork” won’t guarantee lost funds, only lost tokens, which won’t be worth much if (secondly) the price tanks because #nano was proven to NOT be a decentralized public blockchain because it could be sued and forced to fork in the first place. #LiveAndLearn ”
A Twitterati says:
“This has a lot of important points to watch. Lots of case law can be made here.
Most notably, the plaintiff is asking for nano to fork to repay owners who lost coins. If they rule yes then this can be used in the future. Should the gov be able to make u fork?” .
