Updated: April 2, 2024, 4:35 PM EDT
web3 venture firm Paradigm is in talks with investors about raising between $750 million and $850 million for a new investment vehicle.
If it reaches $750 million, the fund will be the largest since the cryptocurrency market crash in May 2022, Bloomberg reported, citing people familiar with the matter.
The potential deal bodes well for the cryptocurrency market recovery. However, Paradigm said the cryptocurrency has been “back again” since July 2023. The Block previously reported.
Paradigm has recently led numerous funding rounds for cryptocurrency startups, including a $55 million funding round for zero-knowledge proof startup Succinct Labs in mid-March and an $18 million Series A for web3 infrastructure startup Privy in November 2023. .
Paradigm previously established a $2.5 billion venture fund in November 2021 specifically for cryptocurrency companies and protocols. However, not all of its bets have paid off, as the company has invested a total of $278 million in Sam Bankman-Fried’s collapsed cryptocurrency exchange FTX by early 2022. Paradigm has since reduced its investment in FTX to zero, according to a previous report by The Block. report.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.