Paradigm Launches Record $ 2.5 Billion Crypto Fund

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Paradigm unveiled the largest crypto fund ever, totaling $ 2.5 billion. The team said the new capital will be allocated to emerging Web3 projects.

Paradigm announces Paradigm One

Paradigm, a San Francisco-based venture capital firm, has successfully raised $ 2.5 billion for its crypto fund, Paradigm One. This is the largest single fund ever released by a venture capital firm for crypto and blockchain projects.

Discussing the amount of capital raised, co-founders Fred Ehrsam and Matt Huang said that “the new fund and its size reflects the fact that crypto is the most exciting frontier in technology.”

“This new fund will invest alongside our existing flagship fund in all stages and all geographies,” added the two founders.

Paradigm, considered one of the most influential crypto-oriented VCs, supports some of the biggest protocols in the digital asset space, including Uniswap, Coinbase, Cosmos, dYdX, Maker, Keep Network, Starkware, Synthetix, and many more.

In June of this year, Andreessen Horowitz (a16z) raised a $ 2.2 billion crypto fund, which at the time was the largest in space. However, after today Paradigm has surpassed a16z in this regard.

The Paradigm team said they would allocate the newly raised capital to emerging Web3 projects. Web3 is a new class of decentralized applications (dApps) powered by smart contracts and tokens that run on public blockchains.

These dApps can enable various IT functions that can be performed without centralized intermediaries in areas such as decentralized finance (DeFi), symbolic art, digital collectibles, games and much more.

For a long time, Paradigm portfolio projects largely consisted of Ethereum applications. However, the company has also started investing in other Layer 1 networks, such as Cosmos.

Disclosure: At the time of writing, the author of this article owned ETH, dYdX, and several other cryptocurrencies.

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