Crypto investment firm Paradigm has revealed a new $2.5 billion”New Venture Fund” to expand its investment into cryptocurrency companies and protocols.
According to a Nov. 15 announcement, Paradigm co-founders Fred Ahrsam and Matt Huang stated that “the fund and its size are reflective of crypto stuff the most heady frontier in technology.”
The Financial Times reported that the funding pool is now the largest among VC crypto funds, edging out Andreesen Horowitz’s (a16z) $2.2 billion raise in June of this year.
The utterance did not state which sectors within the cryptocurrency industry the New Venture Fund will be allocated to.
Paradigm has historically invested in crypto projects that utilize Web 3.0 to deploy their applications, with roughly 11 of the 40 companies and projects in its portfolio comprising DeFi protocols. Paradigm has moreover invested in crypto-native exchanges, borrowing and lending platforms. Some of the biggest names in its portfolio include Coinbase, FTX, Uniswap, and Sky Mavis.
Despite Paradigm’s new fund ultimatum the title of crypto’s largest, Ehrsam tweeted that he and Huang are “just getting started.”
Just getting started https://t.co/V8fXb3hCTt
— Fred Ehrsam (@FEhrsam) November 15, 2021
Ehrsam and Huang stated in the utterance that their mission to be “the primeval and most helpful partner to crypto entrepreneurs and communities” has not changed.
Paradigm’s recent investments include Solana-based lending protocol Jet Protocol, and nonfungible token (NFT)-based rival game AI Arena. The firm has recently increased its exposure to NFT platforms, moreover investmenting in Royal and Fractional during August.
Crypto investment firm Paradigm announced on Nov. 15 the launch of its $2.5 billion”New Venture Fund” to help it protract investing in cryptocurrency companies and protocols.