VC Firm Paradigm Closes $850M Fund for Crypto Investments

On June 13, Paradigm announced the completion of this fund, marking one of the largest raises in the history of crypto investments.

Paradigm has previously invested in numerous high-profile crypto companies, including Blast, Coinbase, Ellipsis Labs, friend.tech, MoonPay, and Starkware.

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This fund is Paradigm's largest since November 2021, when it closed a $2.5 billion fund.

There has been speculation about the size of Paradigm's new fund over the past few months. Initial reports by The Information in September 2023 suggested a target of $1 billion. By April, Bloomberg reported Paradigm was aiming to raise between $750 million and $850 million, which has now been confirmed with the latest announcement.

Matt Huang, Paradigm's co-founder and managing partner, reflected on the firm's journey since its inception:

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.

With the new fund, the firm is poised to continue its influential role in driving innovation and growth within the crypto and blockchain industries.

Paradigm is not the only venture firm investing in crypto startups. In April, Galaxy Digital announced the launch of a new fund, aiming to raise $100 million for early-stage crypto companies.