The crypto and blockchain space seems to be thriving. In fact, this vertical got the biggest increase in valuation this year. Naturally, venture capital firm Paradigm has also stepped up its game with its latest $ 2.5 billion venture capital fund.
With the wave of interest from new genre investors, mind-boggling crypto fundraisers are no longer surprising. One of those top investment firms is Paradigm, which managed to capture the crypto industry’s largest venture capital fund after breaking the previous record set by Silicon Valley monolith Andreessen. Horowitz.
Bombshell Venture Capital Fund
Venture capital firm Paradigm has announced a new $ 2.5 billion venture capital fund dedicated to cryptocurrency companies as well as protocols. According to the official blog post, the fund in question will continue to invest alongside its already existing flagship fund at all stages as well as in all geographies.
Fred Ehrsam, co-founder and managing partner of Paradigm, who previously co-founded Coinbase, said the new fund and its size demonstrate that “crypto is the most exciting frontier in technology.” While talking about the potential of crypto, they also touched on the growth of Decentralized Financial Structure (DeFi) and Web3 applications.
At the same time, the team behind Paradigm has also shed light on its mission. The company plans to be the “earliest and most valuable partner” of entrepreneurs and communities in the cryptocurrency industry and is also committed to continuing to “incubate ideas”. In addition to investing in the early stages, he also added that he will partner with the category heads of the later stages and support organizations at every intermediate stage.
The latest news comes a month after the venture capitalist reportedly sought to raise $ 1.5 billion.
Spring fever for crypto deals
As Bitcoin (BTC) and the rest of the market exploded, the opportunities also magnified. Due to the bull market, the space has witnessed a wave of trading and an intense injection of capital. In the first quarter alone, venture capital investments in crypto and blockchain startups hit a record $ 3 billion in 239 transactions, according to data compiled by PitchBook.
Paradigm, for its part, has since amassed around $ 10 billion in assets since its inception three years ago. He has also invested in around 40 crypto companies, some of the big names of which include crypto exchanges Coinbase and FTX Trading.
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