The crypto- and blockchain industry seems to be flourishing. This vertical actually saw the biggest valuation increase this year. Paradigm, a VC firm, has also increased its game with its $2.5 billion venture fund.
It’s not surprising that crypto fundraises are becoming more popular due to the newfound investor interest. Paradigm, a high-profile investment company, has broken the record of Silicon Valley titan Andreessen Horowitz to become the largest crypto venture fund.
The Bombshell Venture Fund
Paradigm, a VC firm, has announced a $2.5 billion venture fund that will be dedicated to crypto companies and protocols. The official blog post states that the fund will continue to invest alongside its flagship fund at all stages and geographies.
Fred Ehrsam is the co-founder and managing partner at Paradigm. He previously founded Coinbase.
Paradigm’s mission was also revealed by the Paradigm team. Paradigm plans to be the “earliest, most helpful partner” for entrepreneurs and communities in cryptocurrency. It also stated that it will continue to “incubate ideas.”
This news comes one month after the venture capital company was reported to be looking for $1.5 billion.
Spring Fever for Crypto Deals
The opportunities grew as Bitcoin (BTC), and other markets boomed. The bull market has seen a surge in dealmaking and capital infusion. According to data compiled and published by PitchBook, VC investments in crypto-related startups climbed to a record $2 billion over 239 deals during the first quarter.
Paradigm has since raised approximately $10 billion in assets, since its inception three year ago. It also invested in approximately 40 crypto companies. Some of the most prominent names are Coinbase and FTX Trading.
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