UPDATED: June 13, 2024, 1:31PM EDT
Crypto-focused venture firm Paradigm announced it has raised $850 million for a third fund focused on investing in crypto.
“When we founded Paradigm in 2018, we believed that crypto would be one of the most important technical and economic shifts of the coming decades. Six years later, that belief has only gotten stronger,” the firm said Thursday in a statement.
In April, Paradigm was in talks with investors about raising $850 million for a fund. In 2021, Paradigm set up a $2.5 billion venture fund to support crypto companies and protocols.
Paradigm has recently led fundraising rounds for different crypto startups, like a $55 million round for the zero-knowledge proofs startup Succinct Labs in March. It also participated in an $18 million Series A for the web3 infrastructure startup Privy in November 2023.
“Bitcoin has monetized to $1 trillion+. Ethereum, Solana and other blockchains are scaling. Stablecoins are being adopted globally. Frontier research speeds along. New infrastructure is enabling consumer applications. Hundreds of millions of people own crypto. And crypto is now a main character on the world's political stage,” Paradigm also said in its statement.
Separately Thursday, Paradigm said it promoted Georgios Konstantopoulos to general partner.
About Author
RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.