Paradigm, a crypto-focused venture capital (VC) firm founded by Coinbase co-founder Fred Ehrsam and ex-Sequoia partner Matt Huang, is reportedly in the process of gathering funds for a new investment venture.
Sources close to the matter revealed to Bloomberg that the firm seeks an investment total ranging from $750 to $850 million.
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This funding would be the largest since Paradigm successfully amassed $2.5 billion for a fund in November 2021 during the peak of a bull market frenzy.
The timing of Paradigm's fundraising efforts coincides with a bullish phase in the crypto market, which started with the SEC's approval of spot Bitcoin exchange-traded funds (ETFs) for trading in the US. This regulatory nod has infused the market with a renewed sense of vitality and legitimacy, encouraging investors and market spectators alike.
Further amplifying this positive momentum is the recent surge in venture capital flowing into crypto projects, which reportedly increased 52.5% month over month in March.
This aim is not just a reflection of the firm's growth ambitions but also acts as an indicator of the overall health and future possibilities of the crypto investment market.
In other news, 0G Labs has recently garnered $35 million in funding from over 40 crypto-centric companies for its innovative blockchain AI project.
