Source : coinspeaker.com
The Paradigm team said that the firm’s mission is to be the “earliest and most helpful partner to crypto entrepreneurs and communities.”
Venture Capital firm, Paradigm, has announced a new venture fund dedicated to crypto firms and protocols. According to the official announcement, Paradigm said the new venture fund is worth $2.5 billion. Back in October, CoinDesk had reported that Paradigm was looking to raise a $1.5 billion fund. During the same period, a source revealed that the VC firm employed Matthew Mizbai from hedge fund Coatue Management for the new fund. The new venture by Paradigm fund appears to be the largest crypto fund ever, exceeding Andreessen Horowitz’s $2.2 billion crypto-centric fund.
Crypto Firm Paradigm Launches $2.5 Billion Fund
It is no news that the crypto market is rapidly expanding, and more investors are beginning to have faith in the industry. In the first half of 2021, records showed that VC firms committed over $17 billion into the crypto space. At the time, the amount was about 3X more than the inflow from VCs in the first half of 2020. More particularly, this new year has seen a significant upturn in crypto adoption amid the growing appetite for exposure in the digital assets world.
Paradigm co-founders Fred Ehrsam and Matt Huang wrote on how cryptocurrency is the “most exciting frontier” in technology. Ehrsam is also the co-founder of crypto exchange company Coinbase and Huang was a partner at Sequoia Capital. In the announcement, the duo noted:
“Over the past decade, crypto has come a long way. But cryptocurrencies are still owned by less than ten percent of the global population. Decentralized financial systems have grown to hold over $100 billion in cumulative assets, yet still represent a small drop in the context of the traditional finance system.”
Additionally, the paradigm founders also mentioned the growth in Web3 applications. They noted that there are ten of millions of Web3 applications users. However, Ehrsam and Huang added that the millions of people using Web3 applications are in no way compared to the billions using Web2. They said the crypto journey is just at the start, and its potential has never been more evident.
Paradigm Plans to Keep Incubating Ideas
Furthermore, the Paradigm team said that the firm’s mission is to be the “earliest and most helpful partner to crypto entrepreneurs and communities.”
According to the team, it will continue developing and actualizing ideas that can help the crypto community. In addition, Paradigm wrote:
“We’ll continue investing at the earliest stages when there’s just a glimmer of an idea. We’ll also partner with later-stage category leaders, and support companies at every stage in between.”
Concluding the announcement, the Paradigm team stated its excitement about working in crypto. The venture capital firm also appreciated its “limited partners” and the entrepreneurs who trust the company.
Since it was founded in 2018, Paradigm has made over 50 investments. Some of the firm’s high-profile investments include Coinbase, BlockFi, Sky Mavis, and FTX.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.