Coinbase co-founder announces creation of new $2.5 billion investment fund
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Answer Coinbase co-founder announces creation of new $2.5 billion investment fund
The crypto and blockchain space seems to be really booming.
In fact, this sector has achieved the largest increase in valuation this year.
Naturally, many crypto companies have strengthened their presence in the arena.
Paradigm has created a $2.5 billion venture capital fund.
With the wave of new interest from investors, fundraising in cryptocurrency is no surprise anymore.
Cryptocurrency investment fund:
Recently, Paradigm managed to acquire the largest investment fund in the cryptocurrency industry ever after breaking the previous record set by Andreessen Horowitz.
Paradigm VC has announced a new $2.5 billion investment fund dedicated to crypto companies and protocols operating in the sector.Read:Korea uses Samsung’s blockchain technology to combat customs fraud
According For the official blogThe fund concerned will continue to invest along with its existing main fund in all phases as well as geographies.
Fred Ehrsam, co-founder and managing partner of Paradigm and former co-founder of Coinbase, said the new fund and its size make it clear that crypto is the most exciting frontier in technology.
While talking about the potential of crypto, Fred also touched on the growth of Decentralized Financial Architecture (DeFi) and Web 3.0 applications.
At the same time, the team behind Paradigm also shed light on its mission.
The company plans to be the first and most beneficial partner for entrepreneurs and communities in the cryptocurrency industry and has also pledged to continue incubating ideas.
In addition to investing in early-stage crypto ventures, she also added that she will partner with later-stage category leaders and support organizations at every step in between.
The latest news comes a month after it was reported that the venture capital firm was looking to secure $1.5 billion.
With Bitcoin booming and the rest of the market the opportunities swelled too.Read:Amidst the chaos of the Corona virus, an Italian bank launches bitcoin trading services through your bank account
As a result of the bull market, the space has seen a wave of deal-making and massive capital injections.
In the first quarter alone, venture capital investment in crypto and blockchain startups soared to a record $3 billion across 239 deals, according to data compiled by PitchBook.
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