Paradigm Nets $850 Million in Funding Round for Supporting Crypto Startups
In its advanced announcement, the famous crypto venture capital Paradigm announced the closure of a $850 million funding round. The new investment will be used to promote crypto initiatives’ at their early growth stage.
The funding aligns with Paradigm’s founding principles, which projected that crypto would become a revolutionary force in tech and economic development in the future.
Paradigm Raises $850 in Funding Round.
Since the launch of Paradigm, the company has focused on supporting crypto firms in attaining their long-term objective. Besides financial support, Paradigm has advised crypto firms on effective ways to expand their revenue streams.
Having gained popularity in supporting innovators and developers, Paradigm plans to invest in developing early crypto startups. The Paradigm remains a key contributor to helping businesses transform ideas into promising business concepts.
Paradigm has led Uniswap, MakerDAO, MoonPay, Chainalysis, and Flashbot in raising millions of dollars in Series B funding rounds. Also, Paradigm actively participated in raising Succinct $55 million.
In its endeavors to help firms navigate the complex crypto market, Paradigm has faced regulatory backlash for supporting the collapse of the Bahamian crypto exchange FTX. During FTX’s trial for the former chief executive Sam Bankman Fried and the Paradigm team appeared as witnesses.
The court report demonstrated that Paradigm invested nearly $278 million in funding FTX and its US operations.
Paradigm Vows to Support Crypto Firms
Paradigm remained committed to supporting the crypto ecosystem’s growth despite the legal issues. According to The Information, the Paradigm is projected to raise $1 billion in the recently completed funding round.
Months after The Information publication, Paradigm engaged in intense discussion with the investor to raise $750 to $850 million in the proposed fundraising. The new capital ranks as the second largest fund Paradigm raised after the $2.5 billion secured in 2021.
An announcement conveyed by Paradigm co-founder Matt Huang demonstrated that crypto adoption has been on the rise. The executive was pleased to state that crypto has become a common tool in political campaigns.
Huang admitted that the crypto growth has inspired the Paradigm team to develop a positive outlook on digital assets. Huang’s remarks came at a time when global legislators have stepped up to create clear regulations on digital assets.
In a recent turn of events, American presidential aspirants have shown a positive stance on crypto assets. Also, the European Union plans to implement the market for crypto assets (MiCA) rules at the end of this year.
Crypto Firm Call For Clear Rules on Digital Assets
MiCA regulation will become the first comprehensive legislation on digital assets. Besides promoting the growth of digital assets, Paradigm has shown interest in supporting the legislators in developing clear rules for crypto assets.
In 2023, Paradigm appointed former US House speaker Alex Grieve as the government affairs lead. Grieve will support the Paradigm team in pushing for the development of clear crypto rules.
A review of Paradigm’s website demonstrated that the venture capital firm’s key focus areas include crypto and blockchain. Paradigm is currently supporting the development of crypto games, multi-chain infrastructures, and Uniswap v4 hooks.
Paradigm’s endeavor to support the growth of the crypto sector replicates a similar move by Pantera Capital.
In its recent report, the Pantera team announced plans to raise $1 billion, which will be redirected to creating a complete spectrum of blockchain assets. The Pantera team scheduled the new funding round for around April next year.
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