Crypto investment find Paradigm announces new $2.5B crypto fund
Paradigm, the crypto investment company, has recently announced a new fund amounting to $2.5 billion, tagged as the ”New Venture Fund”.
As per news resorts, the “New Venture Fund” has been reserved for the company’s expansion of investments into cryptocurrency firms and protocols.
According to the announcement made on November 15, Paradigm’s Co-Founders Fred Ahrsam and Matt Huang have notably stated that the fund as well as “its size are reflective” of cryptocurrencies being “the most exciting frontier in technology.”
The Financial Times published a report that the funding pool has now become the largest among all VC crypto funds, edging out Andreesen Horowitz’s (a16z) $2.2 billion, which was raised in June 2021.
The announcement made no mention of the details of sectors within the cryptocurrency industry that the latest New Venture Fund would be allocated to.
Paradigm has historically been known to have invested in cryptocurrency projects that utilize Web 3.0 for deploying their applications, with approximately 11 of the 40 companies and projects within its portfolio that comprises mainly of DeFi protocols.
Paradigm has also been known to have invested in crypto-native exchanges, as well as in borrowing and lending platforms. Some of the biggest names in its portfolio include Coinbase, Uniswap, FTX and Sky Mavis.
Despite Paradigm installing a new fund that claims the title of crypto’s largest so far, Ehrsam has tweeted that he and Huang are only “getting started.”
Ehrsam and Huang have also reported having stated in the announcement that their mission is to be “the earliest and most helpful partner” for crypto entrepreneurs, investors and communities.
Paradigm’s latest investments include Solana-based lending protocol Jet Protocol, and NFT-based battling game AI Arena. The firm has also increased its exposure to NFT platforms, and it has also invested in Royal and Fractional during August.