Paradigm raises $850M for early-stage crypto venture fund

Key Points

- Venture capital firm Paradigm has raised $850 million for its third fund, which will focus on early-stage crypto projects.

- Founded in 2018 by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang, Paradigm is one of the industry's largest venture investors.

- This is Paradigm's first fund since Ehrsam stepped down from his leadership role in October last year.

- Paradigm previously raised a $2.5 billion fund in 2021, which was the largest crypto investment vehicle at the time.

- New cryptocurrency strategy funds began to accelerate earlier this year, and many existing funds also raised funds when Bitcoin hit new highs.