Paradigm, a leading venture capital company in the field of cryptocurrency, announced that it has successfully raised its third fund, reaching a staggering figure of $850 million.
Paradigm and a16z are currently recognized as the most prominent venture capitalists in the cryptocurrency arena. This comes despite Paradigm having previously considered shifting its investment focus to Artificial Intelligence (AI), even going so far as to remove cryptocurrency content from its website.
In an official statement titled “Announcing Paradigm's Third Fund,” the company expressed its pleasure to be an early contributor and the first outside investor in projects that have significantly shaped the crypto world.
These projects include Uniswap, which pioneered the use of Automated Market Makers (AMMs) for decentralized exchange, and Optimism, which invented one of the leading models for blockchain scaling.
The firm emphasized the importance of accelerating a positive future for crypto, not only as an investor but also as a founder. Over the past few years, Paradigm has launched several open source projects, including Foundry, a popular Ethereum development tool, and Reth, a high-performance Ethereum execution node.
*This is not investment advice.