Crypto-centric venture firm Paradigm announced a third round of funding, raising $850 million to invest solely in crypto on 13 June 2024.
Paradigm Speak Out On Gargantuan Crypto-Focused Raise
Commenting on the fund, Paradigm co-founder, Matt Huang confirmed that the firm plans to invest further in the crypto industry. In a statement issued, Huang said, “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”.
PARADIGM RAISES $850 MILLION TO FUEL EARLY-STAGE CRYPTO INNOVATION
As the crypto market rebounds, top VCs like Paradigm have seen asset growth, with Paradigm's funds exceeding $10 billion last year.
Co-founder Matt Huang said, “It’s more important than ever to accelerate a… pic.twitter.com/EpDF1hITEy
— Mario Nawfal’s Roundtable (@RoundtableSpace) June 16, 2024
Talks of a $850 million raise has been rumoured for months now, with Paradigm talking to potential investors since April 2024. The most recent raise continues Paradigm’s plans to focus more and more on the crypto industry. The turning point came in 2021, when the investment firm set up a $2.5 billion venture fund to support crypto companies and protocols.
Currently, Paradigm’s crypto portfolio includes 27 different projects with a combined market cap of $23.3 billion. The most notable projects that it is invested in include Cosmos Hub ($ATOM), Optimism ($OP) and Maker ($MKR).
From the same statement, Matt also said “It’s more important than ever to accelerate a positive future for crypto, not just as investors but as builders. Over the past few years, we’ve launched several open source projects including Foundry, a popular Ethereum development tool, and Reth, a high performance Ethereum execution node, with the goal of pushing the crypto frontier forward. We’re excited to dedicate significant effort to such projects over the coming years.”
ZK Proof Technology One Of Many Focuses For Paradigm
1/ We're excited to announce we've raised $55M led by @Paradigm to make zero knowledge proofs accessible to any developer.
Succinct’s Prover Network & SP1 make general-purpose ZK performant and easily deployable w/o complex infra.
Let’s build towards an era of truth, not trust. pic.twitter.com/aMF6cuLqiD
— Succinct (@SuccinctLabs) March 21, 2024
Paradigm has gone through multiple fundraising rounds for different crypto startups. Just recently, it led a $55 million round raise for the zero-knowledge (ZK) proof startup Succinct Labs. Zero-knowledge proof technology is on the rise and is currently the number 34 ranked crypto category. The combined market cap for the ZK Proof sector sits at around $16 billion, as per Coingecko.
EXPLORE: 17 Best Crypto to Buy Now in 2024
Notable ZK Proof projects include NEAR Protocol ($NEAR), Immutable ($IMX) and Mina Protocol ($MINA). These three projects alone account for nearly $9 billion of the total ZK Proof market cap.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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