WEB3
by BSCN
April 3, 2024
If successful, the funding would be one of the largest in the crypto sector since the onset of the bear market in 2022.
Crypto-focused venture capital firm Paradigm is reportedly aiming to secure between $750 million to $850 million in new funding, marking one of the most substantial fundings seen in the cryptocurrency sector since the onset of the bear market in mid-2022.
Sources cited by Bloomberg attribute Paradigm's decision to capitalize on the recent resurgence in the crypto market, signaling growing investor confidence and opportunity within the industry. If successful, the new fund would mark a significant milestone since the industry crash.
This initiative follows Paradigm's previous fundraising success in 2021, where it secured a record-breaking $2.5 billion.
Founded by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang, Paradigm describes itself as a research-driven technology investment firm.
With a focus on supporting innovative projects in the crypto space, Paradigm has emerged as a leading venture capital firm alongside industry giants like Andreessen Horowitz, Digital Currency Group, and Pantera Capital.
Despite its prominence, Paradigm has faced criticism for its perceived lack of commitment to the crypto industry. Past developments, including Huang's involvement in the trial of FTX co-founder Sam Bankman-Fried, have raised questions about the firm's direction.
Paradigm has since marked down its stake in FTX to zero, despite having invested some $278 million in the now-defunct exchange. Due to this, the firm was included in a class-action lawsuit filed by FTX investors who claim that the firm's investments (along with Sequoia Capital and Thoma Bravo) provided an unnecessary "air of legitimacy" for FTX.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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