Crypto venture capital firm Paradigm says it has raised $850 million for a new fund targeting crypto projects that are still in their earliest stages.
The San Francisco-based firm was an early contributor to the decentralized cryptocurrency exchange Uniswap (UNI), the Ethereum (ETH) layer-2 network Optimism (OP) and the Ethereum-centric research and development startup Flashbots.
In a statement, Paradigm says these are the kinds of early-stage works that it wants to contribute to and which it will be increasingly focusing on.
“It’s more important than ever to accelerate a positive future for crypto, not just as investors but as builders. Over the past few years, we’ve launched several open-source projects including Foundry, a popular Ethereum development tool, and Reth, a high-performance Ethereum execution node, with the goal of pushing the crypto frontier forward. We’re excited to dedicate significant effort to such projects over the coming years.”
The $850 million fund is the venture capital firm’s third since it was founded by Coinbase Global co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang in 2018.
In 2021, Paradigm also announced a $2.5 billion crypto fund, the largest at the time, beating the $2.2 billion Andreessen Horowitz crypto-centric fund. With $850 million, Paradigm’s new fund will be the industry’s biggest since the 2022 crypto downturn.
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