Crypto Venture Capital Firm Paradigm Looking to Raise Up to $850M for New Fund: Bloomberg
Summary
Crypto venture capital firm Paradigm is planning to raise between $750 and $850 million for a new fund. If successful, this would be the largest fund in the industry since the recent crypto winter slump. Paradigm, established by Coinbase co-founder Fred Ehrsam and former Sequoia partner Matt Huan, previously raised $2.5 billion for a fund in November 2021 during a bull run. The current fundraising effort comes amid another bull run in the crypto industry, triggered by the SEC's approval of spot bitcoin exchange-traded funds (ETFs) for trading in the U.S. There has also been an increase in funding for crypto projects, with VC funding surging 52.5% month-over-month in March, according to RootData.
