Paradigm to Raise Up to $850 Million for New Crypto Fund: Report

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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