A crypto venture capital fund Paradigm is looking to collect between $750 million and $850 million for the new fund, leveraging the rise in crypto markets of late.
This would be the greatest amount raised by the cryptocurrency fund since the bear cycle began in mid-year 2022, surpassing Andreessen Horowitz’s $4.5 billion.
While Paradigm has been supportive of cryptocurrency in recent years, it has also faced criticism for a perceived lack of commitment to the company.
However, the organization was critical of its Managing Partner’s position after Ehrsam stepped down in October 2023 and Huang spoke during FTX founder Sam Bankman-Fried’s court trial in November.
Furthermore, the retail brokerage has written off its entire $278 million FTX stake that was made following the exchange’s failure.
This latest fundraising comes after Paradigm received reports in September 2023 that the company was trying to raise $1 billion. The year 2021 was a good one for the company as it managed to gather an outstanding 2.5 billion dollars of capital.
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