Venrock, the venture capital firm backed by the Rockefeller family, is throwing its weight behind the cryptocurrency and blockchain industry. And this is not mere speculation as one of the firm’s partner has gone on record suggesting that Venrock is keen on riding the crypto wave.
In fact, the firm has reportedly already taken the first step by striking a deal with a cryptocurrency investor group.
In a recent conversation with Fortune, David Pakman, a Venrock partner, disclosed the firm’s deal with Brooklyn-based CoinFund. He stated that Venrock, whose net asset currently hovers somewhere around three billion is looking to diversify its financial portfolio and has decided that rapidly growing blockchain sector will be a good bet.
Exciting Time Ahead for Promising Crypto Enterprises
Venrock’s venture into crypto enterprises shortly after the multi-billion dollar Soros Fund Management announced their plan to trade cryptocurrencies soon.
All goes well, Venrock has all the resources required to boost the growth of promising crypto enterprises in need of financial support. For the uninitiated, the firm has an excellent track record of spotting rising startups and helping them make it to the big leagues. In fact, it had a prominent to play in the success of many tech heavyweights that today dominate their respective industries, e.g., Apple and Intel.
The partnership with CoinFund signed earlier in April 2018, will help the VC firm to empower up-and-coming businesses to build exciting new projects based on blockchain technology.
CoinFund was founded in 2015 and since its launch, the investor group has backed many successful blockchain ventures.
Bringing the Blockchain to Traditional Tech Startups
Speaking of the new deal with Venrock, Jake Brukhman, co-founder of CoinFund, stated that the group is committed to helping out blockchain teams working on quality projects to reach their full potential and is ever-ready to collaborate with any organization keen on adding to its efforts.
“We’ll be working closely with them to help mentor, advise, and support teams in the space,” he said, before adding, “We’re trying to cultivate a unique synergy between teams as we see more experienced founders and more traditional tech startups taking up blockchain.”
Both Pakman and Brukhman seem convinced that blockchain technology has a lot to offer to businesses across industries and niches.
“The benefit of the advent of crypto is that we have fewer gatekeepers,” said Pakman in the conversation with Fortune. Calling venture capital basically “a gatekeeper industry,” he suggested that the time is ripe to put up an effort and change that.
“I don’t believe that a small group of people should make the decisions about which projects can raise some money and get off the ground.”
It is worth noting here that many venture capital firms have recently shown interest in the crypto industry and blockchain-related businesses. But among all those keen on making the most out of the so-called crypto wave, the Rockefeller family’s venture firm is arguably one of the wealthiest and has the capability to take things to the next level for many up-and-coming entities.
10,000 Retail Shops in France Will Sell Bitcoin, XRP, Ethereum, Litecoin and Dash, Powered by Payments Giant Ingenico: Report
Bitcoin, XRP, Ethereum, Litecoin and Dash are reportedly expanding to 10,000 points of sale throughout France.
Digycode first rolled out its crypto coupons last year. The startup says it’s now expanding to over 10,000 shops through a collaboration with Paris-based payments giant Ingenico, according to local news outlet Cryptonaute. The leading payments firm reported $2.8 billion in revenue in 2017.
“‘The deployment of Digycode is the result of a partnership between Digital Service and Ingenico, and tobacconists equipped with a Devlyx cash registerare, therefore eligible to sell our product for their customers, commented Christopher Villegas, CEO of Digital Service.”
The crypto startup will offer prepaid recharge coupons that can be purchased in three available increments – 20, 50, or 200 euro – by visiting any of the supported locations. Once a customer redeems the coupon on Digycode’s website by using a secret code, the euro is converted into crypto.The company says crypto balances will appear in the user’s crypto wallet as soon as the transaction is confirmed.
Tobacco shops are selling crypto despite regulatory uncertainty.
France’s tobacco federation was granted permission to sell crypto from the French Prudential Supervision and Resolution Authority, according to a report from the French radio network Europe 1.
But France’s central bank is singing a different tune, saying it has not approved retail sales of cryptocurrency. In addition, the Financial Markets Authority, which regulates the country’s stock market, has issued a statement saying no company is licensed to sell crypto in stores.
Crypto-Friendly Wyoming Becomes First US State to Give Bitcoin, XRP, Ethereum, Litecoin, EOS and Altcoin Owners Complete Property Rights
The Wyomng Senate passed SF125 on Thursday. The “Digital Assets” bill will now become law, granting cryptocurrency holders property rights for direct ownership of digital assets. Wyoming is the first state in the US to pass a clear regulatory framework for Bitcoin, XRP, Ethereum, Litecoin, EOS and other altcoins, setting the stage for cryptocurrency investors, entrepreneurs and crypto-related businesses to flourish in the state.
The bill allows people to hold cryptocurrency without the need for an intermediary to own digital assets, and clears the way for banks to offer custodial services for cryptocurrencies.
According to the act, digital assets are considered intangible personal property.
“AN ACT relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date.”
The bill is expected to come into effect on July 1. It also supports the advancement of tokenized securities.
Caitlin Long, co-founder of the Wyoming Blockchain Coalition, expects the new legislation to attract blockchain companies and talent, making Wyoming a frontrunner in the space with a clear regulatory framework designed to foster innovation and spur adoption of Bitcoin, altcoins, blockchain-based businesses, trading platforms and crypto custodial services.
Bitcoin [BTC] owners receive property rights in the U.S state of Wyoming
The cowboy state of Wyoming in the United States of America has given a boost to the state and indeed the country’s cryptocurrency industry by permitting Bitcoin [BTC] holders to have property rights.
Wyoming saw their state Senate pass the second and third readings of Bill SF0125 – Digital assets-existing law, which would classify virtual currencies under ‘property’, allowing users to hold cryptocurrencies without fear of any government sanctioned regulation and availing third-party storage services for the same.
“AN ACT relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date”
According to the United States’ legal procedure, individual states have jurisdiction over the property rights within their boundaries and hence, the legislation will differ from state-to-state.
Companies, therefore, now have a free reign over the state they decide to set-up shop in, depending on the favorable regulations available. Since Wyoming looks to be a better option than most states in the US, blockchain and cryptocurrency companies may resettle there.
Caitlin Lon, a member of the Wyoming Blockchain Coalition was delighted with the news and stated:“1/ BOOM! #Wyoming just recognized clear, direct property rights for #digital assets by passing SF125! This means #blockchain cos will prob want to apply WY law to your contracts, domicile here, &/or have a physical presence here. Thx again to the army of ppl who helped over months.”
Furthermore, the new legislation will also protect the property rights for large scale institutional investors. With 2019 heralded as the year of institutional investors looking at the developments with Nasdaq, the NYSE, the Bitcoin ET and BTC Futures, this announcement from Wyoming is indeed crucial to the overarching industry.
This legislation will also peg Wyoming ahead of the state of New York on the list of the cryptocurrency-friendly states, with Long stating the same:“Wyoming protects PROPERTY RIGHTS &, for institutional investors who must own indirectly, it protects ##investors far better than ##NewYork does.”
She added:“Have fun watching the transfer of capital away from NY & into WY in the coming years, esp as securities are increasingly issued on #blockchains!!!”