Crypto VC Paradigm Raises New Fund Of Over $750 Million: Report

Key Points:

• Paradigm, a crypto-focused firm, is looking to raise a new fund between $750 million and $850 million.
• Despite an eventful year and a shift in focus, Paradigm continues to back crypto projects.
• Paradigm recently led an investment in Merkle Manufactory, a startup valued at around $1 billion.

Crypto firm Paradigm raises new fund between $750m-$850m. Despite a rocky year and a failed $278m investment in FTX, Paradigm continues to back crypto projects.

According to Bloomberg, crypto-focused firm Paradigm is engaging investors to raise a new fund between $750 million and $850 million.

Bullish Signal: Major Crypto VC Paradigm Raises New Fund

Founded by Coinbase’s co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang, Paradigm is a significant player in the cryptocurrency industry.

If successful at $750 million, the new fund will be the largest since the industry crash. Paradigm previously raised a $2.5 billion fund in 2021, which was the largest crypto investment vehicle at that time.

Despite an eventful year, Paradigm continues to back crypto projects. The firm faced criticism last summer for perceived lack of commitment to crypto when it shifted its focus to artificial intelligence.

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Paradigm Continues Investing Despite FTX Controversy

However, it quickly reverted back. In the same year, Ehrsam transitioned from managing partner to general partner, and Huang testified in the trial of FTX co-founder Sam Bankman-Fried.

Despite the controversy around their $278 million investment in FTX, which is now bankrupt, Paradigm has continued investing in crypto projects. It recently led an investment in Merkle Manufactory, a startup valued at around $1 billion.