Media: Paradigm to launch venture fund for crypto startups

The investment firm Paradigm plans to establish a venture fund worth between $1.25 billion and $1.5 billion to finance cryptocurrency startups. As reported by CoinDesk.

According to the publication, the fundraising will close on November 12. According to a person familiar with Paradigm’s operations, the company recently held rounds among family offices in Silicon Valley.

Earlier this year, Ribbit Capital and Paradigm led the Series A round for Indian cryptocurrency exchange CoinSwitch Kuber for $15 million.

In February, the investment firm invested in the blockchain startup Fireblocks — in the round it raised $133 million.

In the spring, Paradigm led an investment round for the Ethereum scaling solution StarkWar, agreed to acquire 10% of the tokens DeFi-project Lido and joined a new cryptocurrency alliance Crypto Council for Innovation.

In June, the decentralized cryptocurrency derivatives exchange dYdX closed a Series C round worth $65 million, which was led by Paradigm.

The firm also invested in NFT platform by DJ 3LAU and the project Sky Mavis, which created the NFT game Axie Infinity.

As reported in June, the leading Silicon Valley venture firm Andreessen Horowitz launched its third crypto fund with $2.2 billion in assets for investments in startups across all stages—from seed to late-stage.

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