Popular crypto venture capital firm Paradigm has announced its third fund, raising $850 million specifically to invest in early-stage crypto projects.

Founded in 2018, Paradigm is built on the belief that cryptocurrency will be one of the most important economic and technical changes of the coming decades, and the company has invested in many companies to help achieve that goal.

Paradigm co-founder Matt Huang expressed that the group's growing belief in the fact that “cryptocurrency is now a major player on the world political stage.” This sentiment comes as cryptocurrency legislation takes center stage in the US presidential election and European stablecoin MiCA rules take effect on June 30.

In response to the changing landscape around cryptocurrency, Paradigm announced its intention to enter crypto policy in 2023, appointing Washington veteran Alex Grieve — who worked for the former President House of Representatives John Boehner and then DTCC — as government affairs leaders.

Paradigm has a history of successful early-stage investing, including participating in the seed round for decentralized exchange Uniswap and leading last year's Series B round for Flashbots. More recently, Paradigm led a $55 million Series A round for zero-knowledge proof network Succinct. Paradigm's previous fund launched in November 2021 raised $2.5 billion .

However, Paradigm's investment profile is not without controversy. The company famously invested $278 million in FTX and FTX.US, with Huang appearing as a witness in the trial of co-founder and former CEO Sam Bankman-Fried.

Paradigm was originally founded by Huang and Fred Ehrsam, who co-founded Coinbase with Brian Armstrong.

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