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In a sign the old guard can't get ignore the budding crypto space, Venrock has partnered with Brooklyn based cryptocurrency investor group Coinfund to invest in new blockchain projects on a long-term basis. The two parties met through their mutual investment in YouNow.
“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,” Pakman said. Venrock and CoinFund first met through their mutual investment in YouNow, a live video-streaming app maker that last year became, perhaps, the second well-established startup to pivot to crypto. In the fall, Fortune broke news that YouNow had decided to host an “initial coin offering,” or ICO, whose virtual tokens would form the basis of a new, and untested, business model.
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