In Brief:
- Paradigm announced a $2.5 billion fund for crypto firms and protocols
- The largest fund raised by any venture capital firm in the crypto space
- The fund will help to grow the upcoming generation of crypto companies and protocols
San Francisco-based, Paradigm revealed a whopping $2.5 billion in funds to make investments into cryptocurrency companies and startups to grow blockchain technology. This is the largest fund allocation by any venture capital firm into crypto and blockchain projects.
As per the announcement from Paradigm’s official website, Fred Ahrsam and Matt Huang quoted in a joint statement that “the fund and its size are reflective of crypto being the most exciting frontier in technology.”
“This new fund will invest alongside our existing flagship fund across all stages and geographies,” the two founders added.
In the blog, The company hasn’t mentioned which sort of companies will be eligible to get a New Venture fund.
This is not the first time when Paradigm came forward to provide back to crypto-based innovations, companies, and startups. It has already made a large investment in numerous digital assets industries such as Uniswap, Coinbase, Cosmos, dYdX, Maker, Keep Network, Starkware, Synthetix, and many others.
Before this, the “largest fund” allocation in Crypto firms was through Andreessen Horowitz (a16z) as the company had raised a $2.2 billion fund in June.
The company has mentioned that the fund will allocate for emerging web3 projects and applications, in other words, dApps. Web3 is a decentralized application based on smart contracts and tokens that perform on public blockchains.
Recently, Forte raised $725 million in a funding round to grow the blockchain gaming platform.
