Paradigm, identified for its early investments in tasks like crypto alternate Uniswap and Ethereum scaling resolution Optimism, has raised $850 million for an early-stage crypto enterprise fund. Based in 2018 by Coinbase co-founder Fred Ehrsam and former Sequoia Capital accomplice Matt Huang, Paradigm is among the largest enterprise capital buyers within the cryptocurrency trade. This new fund marks Paradigm’s first since Ehrsam stepped down from a management position in October.
“That is the type of early-stage work that we love contributing to, and it’s what we’ll be more and more centered on going ahead,” Huang wrote in a weblog submit on Thursday.
In 2021, Paradigm raised a $2.5 billion fund, which was the largest-ever crypto funding automobile on the time.
The tempo of launching new cryptocurrency-focused funds has accelerated this 12 months, with many present funds additionally elevating capital. This fundraising surge coincided with Bitcoin’s rally to report highs, pushed by the introduction of exchange-traded funds (ETFs) investing instantly in Bitcoin and up to date indications that comparable funds centered on Ether are more likely to acquire approval quickly.
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