Venture capitalists are jumping back into the crypto market, and Paradigm is leading the charge.
Raising Big Money
Paradigm, co-founded by Coinbase’s Fred Ehrsam and Sequoia’s Matt Huang, is looking to raise a whopping $750 million to $850 million for its latest crypto fund. If successful, it would be the largest such fund since the market crash.
Aiming High
Paradigm had already set a record in 2021 with a $2.5 billion fund. Now, they’re aiming even higher, hoping to surpass the $1 billion target they set in September.
Challenges and Setbacks
Last year was a bumpy ride for Paradigm. They faced criticism for removing crypto references from their website, but quickly fixed the issue. Ehrsam stepped down as managing partner, and Huang testified at the FTX trial.
Staying Active
Despite these setbacks, Paradigm has continued to invest in crypto projects. They recently led a round in Merkle Manufactory, a social media software company.
Venture Capital Flock to Crypto
Paradigm isn’t the only one betting on crypto. Other venture firms like Hivemind Capital and Hack VC are also raising specialized funds in the space.
Renewed Optimism
Paradigm’s fundraise reflects the renewed optimism in the crypto market. Venture capitalists are eager to seize the opportunities in the resurgent market.
