Crypto venture capital firm Paradigm says it has raised $850 million for a new fund targeting crypto projects that are still in their earliest stages.
The San Francisco-based firm was an early contributor to the decentralized cryptocurrency exchange Uniswap (UNI), the Ethereum (ETH) layer-2 network Optimism (OP) and the Ethereum-centric research and development startup Flashbots.
In a statement, Paradigm says these are the kinds of early-stage works that it wants to contribute to and which it will be increasingly focusing on.
“It’s more important than ever to accelerate a positive future for crypto, not just as investors but as builders. Over the past few years, we’ve launched several open-source projects including Foundry, a popular Ethereum development tool, and Reth, a high-performance Ethereum execution node, with the goal of pushing the crypto frontier forward. We’re excited to dedicate significant effort to such projects over the coming years.”
The $850 million fund is the venture capital firm’s third since it was founded by Coinbase Global co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang in 2018.
In 2021, Paradigm also announced a $2.5 billion crypto fund, the largest at the time, beating the $2.2 billion Andreessen Horowitz crypto-centric fund. With $850 million, Paradigm’s new fund will be the industry’s biggest since the 2022 crypto downturn.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Investment Firm Paradigm Raises $850,000,000 for Venture Fund Targeting Early-Stage Crypto Projects appeared first on The Daily Hodl.
