Paradigm Ventures has announced the launch of a new $2.5 billion venture fund for crypto companies and protocols. The fund will continue to exist alongside its current flagship fund.
In a blog post, Paradigm co-founders Matt Huang and Fred Ehrsam stated, “This new fund and its size reflect crypto being the most exciting frontier in technology.” “Web3 applications have grown to tens of millions of users, but they are still a long way from the billions of Web2 users. The journey has only just begun, and the potential of cryptocurrency has never been clearer.”
According to an investment deck, Paradigm was looking to raise $1.5 billion in October.
Paradigm also hired Matthew Mizbani from hedge fund Coatue Management as a partner in the same month. According to a source familiar with the situation, Paradigm hired Mizbani for the new fund.