Paradigm Seeks $850 Million in Crypto Funding

Crypto venture capital giant, Paradigm, is in talks with investors. They aim to secure funds ranging from $750 million to $850 million. This move comes as the crypto market shows signs of revival. Bloomberg sources revealed these discussions on April 3.

Should Paradigm achieve its goal, it will mark its largest fund since November 2021. Back then, it raised $2.5 billion. That fund was the biggest in cryptocurrency at the time. A successful $750 million fund now would outdo all crypto raises since May 2022. At that time, Andreessen Horowitz set records with a $4.5 billion fund.

Paradigm’s Ambitious Endeavors

Previously, in September, reports indicated Paradigm aimed for a $1 billion fund. Paradigm has not yet commented on these recent fundraising efforts. The firm boasts investments in key Web3 entities. Coinbase, Fireblocks, and Optimism are among them. Paradigm recently elevated Merkle Manufactory to unicorn status. Their investment in the now-defunct FTX, however, was written off following the platform’s collapse. Paradigm expressed regret over the investment’s impact on the crypto ecosystem.

After a dip in October 2023, crypto VC funding is on the rise. March saw a significant rebound to $1.16 billion, RootData reports. Infrastructure and DeFi are leading the recovery, with substantial investments in these areas. Contrastingly, NFT-related funding plummeted by 92% last year. This decrease reflects the overall decline in NFT market values.

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