Paradigm, recognized for its early investments in initiatives like crypto trade Uniswap and Ethereum scaling answer 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 associate Matt Huang, Paradigm is likely one of the largest enterprise capital traders within the cryptocurrency trade. This new fund marks Paradigm’s first since Ehrsam stepped down from a management position in October.
“That is the kind of early-stage work that we love contributing to, and it’s what we’ll be more and more targeted 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 yr, with many current funds additionally elevating capital. This fundraising surge coincided with Bitcoin’s rally to file highs, pushed by the introduction of exchange-traded funds (ETFs) investing straight in Bitcoin and up to date indications that comparable funds targeted on Ether are more likely to achieve approval quickly.
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