Crypto enterprise capital agency Paradigm says it has raised $850 million for a brand new fund concentrating on crypto tasks which might be nonetheless of their earliest phases.
The San Francisco-based agency was an early contributor to the decentralized cryptocurrency trade Uniswap (UNI), the Ethereum (ETH) layer-2 community Optimism (OP) and the Ethereum-centric analysis and growth startup Flashbots.
In a press release, Paradigm says these are the sorts of early-stage works that it desires to contribute to and which it is going to be more and more specializing in.
“It’s extra essential than ever to speed up a constructive future for crypto, not simply as buyers however as builders. Over the previous few years, we’ve launched a number of open-source tasks together with Foundry, a preferred Ethereum growth instrument, and Reth, a high-performance Ethereum execution node, with the aim of pushing the crypto frontier ahead. We’re excited to dedicate important effort to such tasks over the approaching years.”
The $850 million fund is the enterprise capital agency’s third because it was based by Coinbase World co-founder Fred Ehrsam and ex-Sequoia Capital associate Matt Huang in 2018.
In 2021, Paradigm additionally introduced a $2.5 billion crypto fund, the biggest on the time, beating the $2.2 billion Andreessen Horowitz crypto-centric fund. With $850 million, Paradigm’s new fund would be the business’s greatest because the 2022 crypto downturn.
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