Paradigm Crypto Fund Raises Whopping $2.5 Billion
Posted on 11/18/2021
Coinbase Inc co-founder Fred Ehrsam (Frederick Ernest Ehrsam III) and former Sequoia Capital partner Matt Huang (Matthew Huang) formed a venture capital firm called Paradigm (Paradigm Operations LP) in 2018. Paradigm announced the biggest cryptocurrency fund ever at US$ 2.5 billion, beating Andreessen Horowitz’s US$ 2.2 billion crypto fund created this summer. Andreessen Horowitz is on its third crypto VC fund.
As of December 31, 2020, Paradigm managed US$ 2,979,682,463 in regulatory assets under management, on a discretionary basis. Armed with around 30 employees, Paradigm plans to take the crypto scene by storm. Some of Paradigm’s most high-profile investments include FTX, Coinbase, BlockFi, Maker, Uniswap, and Sky Mavis.
Furthermore, the owner of the NBA and NHL arena Staples Center in Los Angeles announced it will be renamed Crypto.com Arena after crypto exchange Crypto.com secured a 20-year naming rights deal. The reported price tag was US$ 700 million, replacing Staples. Staples originally paid roughly US$ 120 million for a 20-year naming rights deal in 1999.
Just this week, StarkWare, an Israeli blockchain scaling startup, raised US$ 50 million in Series C funding led by Sequoia Capital at a US$ 2 billion valuation. Another capital raise in the crypto space includes ConsenSys. ConsenSys is a developer of apps and tools based on Ethereum. ConsenSys raised US$ 200 million at a US$ 3.2 billion valuation. Marshall Wace, Third Point, ParaFi Capital, and Think Investments were joined by insiders Animoca Brands, Coinbase Ventures, and HSBC Holdings.
