Crypto-focused investor Paradigm has hauled in $2.5bn for the biggest venture capital fund ever raised targeting the sector.
Paradigm was launched by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang in 2018, amid the most recent ‘crypto winter’ following bitcoin peaking in price at the end of 2017.
Previous reports had put the potential fund size at between $1.25bn and $1.5bn.
Huang said the new fund and its size were “reflective of crypto being the most exciting frontier in technology”.
He said, “Over the past decade, crypto has come a long way. But cryptocurrencies are still owned by less than ten percent of the global population.
“Decentralized financial systems have grown to hold over $100bn in cumulative assets, yet still represent a small drop in the context of the traditional financial system.
“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.”
Andreessen Horowitz raised $2.2bn for a giant cryptocurrency investment fund earlier this year.
AH said it believes the next wave of computing innovation will be driven by crypto, and it is “radically optimistic about crypto’s potential to restore trust and enable new kinds of governance”.
Copyright © 2021 AltAssets
- 2021
- applications
- Assets
- Biggest
- Bitcoin
- capital
- Co-founder
- coinbase
- Coindesk
- computing
- crypto
- cryptocurrencies
- cryptocurrency
- driven
- Drop
- financial
- Fred Ehrsam
- Free
- fund
- Global
- history
- hold
- HTTPS
- Innovation
- investment
- investor
- IT
- Long
- P&E
- paradigm
- partner
- population
- price
- raises
- Sequoia
- Sequoia Capital
- Size
- small
- system
- Systems
- Trust
- users
- venture
- Wave
