Fintech
Paradigm Completes $850 Million Fund to Invest in Early-Stage Crypto Projects – DL News
- Paradigm just completed its third crypto fund.
- Crypto VCs are recovering from the bear market.
Venture capital firm Paradigm has completed its third fund, raising $850 million to invest in early-stage crypto projects.
Venture capitalists are the lifeblood of cryptocurrencies, and some major VCs, including Paradigm, say their assets increased in 2023 compared to the previous year, DL News has reported.
The upswing in the fortunes of some VCs mirrors the resurgence of the broader cryptocurrency market, as Paradigm saw the value of its funds surpass $10 billion last year.
Company co-founder Matt Huang said in a declaration: “It is more important than ever to accelerate a positive future for cryptocurrencies, not only as investors but as builders.”
In recent years, Paradigm has helped launch a number of open source projects with the goal of advancing the cryptocurrency frontier.
“We are excited to devote significant efforts to such projects in the coming years,” Huang added.
However, despite the renewed optimism for the sector, many cryptocurrency VCs are still not back to the levels of the last bull market.
In 2021, Paradigm said it had $13.2 billion in assets under management, and in 2022 it said it employed 73 staff members. It now has just 59 employees.
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