Paradigm Set to Launch a New $750 Million Cryptocurrency Fund

Paradigm Set to Launch a New $750 Million Cryptocurrency Fund

Paradigm, a leading force in the crypto venture capital space, is poised to unveil a new investment fund targeting $750 to $850 million, marking a significant reentry into cryptocurrency investments amid a recovering market.

Paradigm, a leading venture capital entity in the cryptocurrency sector, is making strides to reestablish its presence in the crypto venture capital landscape. 

Recent reports indicate that the company is negotiating with external parties to raise funds for a new cryptocurrency-focused investment initiative, aiming for a sum between $750 and $850 million. 

This endeavor would mark Paradigm’s most substantial fund since its colossal $2.5 billion venture fund was established in 2021.

Paradigm Set to Launch a New $750 Million Cryptocurrency Fund

Paradigm to Launch New $750 Million Cryptocurrency Fund

With the cryptocurrency market showing signs of recovery, venture capital firms are increasingly interested in the sector. 

Paradigm is at the forefront, seeking to gather $750 to $850 million to kickstart a new cryptocurrency-focused fund. 

This fund represents a significant return to the cryptocurrency sphere for the company, which had previously expanded its investments into other areas, including artificial intelligence. 

It would be Paradigm’s most ambitious fund following its massive $2.5 billion fund launched two years ago. 

Yet, specifics regarding the terms of the fund and the types of cryptocurrency projects it aims to support remain limited.

This potential move is viewed by many as a resurgence of confidence in the cryptocurrency market, especially after Paradigm’s entanglement in the FTX collapse. 

Paradigm had invested approximately $280 million in the exchange, with CEO Matt Huang expressing deep regret over the investment. 

The exact amount invested in FTX has not been disclosed, but it has been written off as a loss.

Despite the setback with FTX, Paradigm continued to explore new investment opportunities within the crypto space. 

In March 2022, the firm co-led a $150 million Series B funding round for Optimism, an Ethereum scaling solution. 

Additionally, in November, it spearheaded a $20 million funding round for Blast, another Ethereum layer scaling solution.

Paradigm is not alone in its renewed interest in cryptocurrency investments. 

Other venture capital firms, such as Hivemind Capital, are venturing into the space with a $50 million fund focused on non-fungible tokens (NFTs). 

Meanwhile, Hack VC is aiming to gather $100 million to establish a new cryptocurrency fund, following its announcement of a $150 million fund earlier in February.

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