Paradigm launches $2.5 billion venture fund for crypto companies

Layer 1s • November 15, 2021, 9:09AM EST
UPDATED: November 15, 2021, 9:23AM EST
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VC firm Paradigm has announced a new $2.5 billion venture fund for crypto companies and protocols. The fund will continue alongside its existing flagship fund.

"This new fund and its size are reflective of crypto being the most exciting frontier in technology," said Paradigm co-founders Matt Huang and Fred Ehrsam in a blog post. "Web3 applications have grown to reach tens of millions of users, yet are still a far cry from the billions of Web2 users. The journey is just beginning, and the potential of crypto has never been more clear."

CoinDesk first reported that this fund was in the works. In October, it said that Paradigm was looking to raise $1.5 billion, according to an investment deck.

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In the same month, Paradigm also hired Matthew Mizbani from hedge fund Coatue Management as a partner, The Block reported. A source familiar with the matter said that Paradigm hired Mizbani for the new fund.

We have reached out to Paradigm for more information and will update this story should we hear back.

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Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.