Paradigm’s new $2.5 billion New Venture Fund has dethroned a16z as the largest cryptocurrency venture fund.
Paradigm, a cryptocurrency investment firm, has announced the launch of a new $ 2.5 billion New Venture Fund to enhance its investment in bitcoin firms and contracts.
According to the release on Monday, the founders of Paradigm, Fred Ehrsam and Matt Huang, stated that “the bag and its size demonstrate that crypto is the most interesting border in technology.”
According to the Financial Times, the pool of financing is currently the largest among crypto capital venture firms, including Andreesen Horowitz’s (a16z) $ 2.2 billion raised in June of this year.
The announcement did not specify which sectors of the cryptocurrency business will get funding from the New Venture Fund.
Historically, Paradigm has invested in crypto projects that use Web 3.0 to submit their applications, with 11 of the 40 companies and projects in its portfolio containing nationally divided financial agreements. Paradigm has also made investments in cryptocurrency trading, lending, and lending platforms. Coinbase, FTX, Uniswap, and Sky Mavis are among the other well-known companies in their portfolio.
Despite the fact that the new Paradigm fund is vying for the largest crypto title, Ehrsam stated on Twitter that he and Huang have “just started.”
According to Ehrsam and Huang, their goal of being “the first and most significant partner for businesses and crypto communities” has not altered.
The Solana-based Jet Protocol borrowing protocol, as well as a fixed token (NFT)-based battle game AI Arena, are among Paradigm’s most recent investments. In August, the corporation will invest in Royal and Fractional, having lately boosted its exposure to NFT bases.