Matt Huang and Fred Ehrsam, co-founders of Paradigm in 2018, state:
“Our confidence has only been strengthened over the past three years and we are pleased to announce a new $ 2.5 billion venture fund to continue investing in the next generation of businesses and the e-money protocol .
This new fund will invest alongside our existing flagship fund in all phases and regions. ”
Fred Ehrsam (left) and Matt Huang (right) – co-founders of Paradigm.
Ehrsam is also a co-founder of the Coinbase exchange, which is listed on the Nasdaq. Huang was previously a partner at Sequoia Capital, focusing on early stage venture capital investments, including leading the company’s crypto efforts.
The two co-founders raised $ 2.5 billion this month for Paradigm One, their first venture capital fund. The amount collected was twice as high as originally estimated. Ehrsam said, however, that “it is likely to be relatively small compared to what we will see in 10 years”.
It’s the largest new venture fund in history for the crypto space. Earlier this year, VC company Andreessen Horowitz raised $ 2.2 billion for its new crypto fund, which at the time was also “the largest crypto fund ever raised”.
Paradigm’s first fund, like a hedge fund, raised $ 400 million in 2018. Its annual internal rate of return was more than 200% for the first half of this year. The fund’s assets have reached $ 10 billion.
Ehrsam and Huang further elaborate:
“This new fund and its size reflect crypto as the most exciting frontier in technology. In the past decade, cryptocurrencies have come a long way.
The journey has only just begun and the potential of cryptocurrencies has never been so clear. ”
Annie
According to Newsbitcoin
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