Paradigm, a cryptocurrency investment business, has announced the launch of a new $2.5 billion “New Venture Fund” to extend its portfolio of bitcoin firms and protocols.
“The fund and its scale are symptomatic of crypto being the most exciting future in technology”. Paradigm co-founders Fred Ahrsam and Matt Huang said in a Nov. 15 release.
Significantly, according to the Financial Times, the fundraising pool has surpassed Andreesen Horowitz’s (a16z) $2.2 billion round from June this year to become the largest among VC crypto funds.
The New Venture Fund will be distributed to different segments of the bitcoin business, according to the release.
In the past, Paradigm has invested in crypto projects that use Web 3.0 to deliver their apps. With DeFi protocols accounting for about 11 of the 40 firms and projects in its portfolio. Paradigm has also made investments in cryptocurrency exchanges, as well as lending and borrowing services. Coinbase, FTX, Uniswap, and Sky Mavis are just a few of the major brands in its portfolio.
First and most helpful partner to crypto businesses and communities
In fact, Paradigm’s new fund is the world’s largest crypto fund. However, Ehrsam and Huang tweeted that they’re “just getting started”.
Besides, the objective of Ehrsam and Huang to be “the first and most helpful partner to crypto businesses and communities” has not altered, according to their release.
Jet Protocol, a Solana-based lending platform, and AI Arena, an NFT-based battle game, are two of Paradigm’s latest investments. During August, the business added to its NFT platform exposure by investing in Royal and Fractional.
Paradigm, a cryptocurrency investment business, announced the formation of a $2.5 billion “New Venture Fund” on November 15. In order to allow it to continue investing in crypto firms and protocols.