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Crypto Venture Capital Firm Paradigm Looking to Raise Up to $850M for New Fund: Bloomberg
The VC is looking to raise between $750-$850 million, Bloomberg reported citing people familiar.
By Aoyon Ashraf
Updated Apr 2, 2024, 6:13 p.m. Published Apr 2, 2024, 6:10 p.m.
The crypto-related venture capital (VC) firm Paradigm is looking to raise between $750 and $850 million for a new fund, Bloomberg reported on Tuesday, citing people familiar with the matter.
Bloomberg said if the deal is completed at the lower end of the range, it would still mark the industry's biggest since the recent crypto winter slump.
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Paradigm, founded by Coinbase co-founder Fred Ehrsam and former Sequoia partner Matt Huan, previously raised $2.5 billion for a fund during the height of the bull run in Nov. 2021.
The report comes as the crypto industry is enjoying a bull run that started after spot bitcoin exchange-traded funds (ETFs) were given the green light by the SEC to trade in the U.S.
The crypto venture capital landscape has also seen an uptick in the funding of projects in the recent months as VC funding for crypto projects surged 52.5% month-over-month in March, according to RootData.
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