VC Firm Paradigm Secures $850 Million For Crypto Projects In Latest Fundraise

Name	Symbol	Market	Market Cap ($)	Algorithm
Optimism	OPUSD	Crypto	1,684,986,280	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Optimism

OPUSD

Crypto

1,684,986,280

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.030	-1.68%	1.76	1.76	1.76

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.030

-1.68%

1.76

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.83	1.74	1.79	1.79	1.15 - 4.86

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.83

1.74

1.79

1.15 - 4.86

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:00:29	5.15	1.76	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:00:29

5.15

1.76

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,428,403.87	797,373.58	OP	OPEUR	OPGBP	OPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,428,403.87

797,373.58

OPEUR

OPGBP

OPBTC

VC Firm Paradigm Secures $850 Million For Crypto Projects In Latest Fundraise

14/06/2024 2:00am

NEWSBTC

Venture capital firm Paradigm has reportedly raised $850 million for its third fund, supporting early-stage cryptocurrency initiatives led by Coinbase co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang. Increased Venture Capital Interest In The Industry Paradigm’s previous investments include prominent projects like decentralized exchange (DEX) Uniswap and Optimism, a scaling solution for the Ethereum blockchain. According to Bloomberg, with the capital raised in the latest funding round, Paradigm aims to contribute to early-stage crypto work and plans to prioritize such projects in the future. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? The latest fundraising comes after Paradigm’s notable achievement in 2021 when it secured a $2.5 billion fund, the largest-ever crypto investment vehicle at that time. The current surge in interest and confidence within the venture capital community towards the crypto industry has led to increased funds focused on cryptocurrency strategies. Paradigm’s fundraising success reflects the growing market appetite for crypto investments. Recent developments, such as the introduction of Bitcoin ETF and the impending approval of ETFs centered around Ethereum, have fueled the industry’s expansion. Hivemind Capital Joins Paradigm In Venture Funding Race Paradigm is not the only venture firm seeking to raise funds within the crypto space. Hivemind Capital, for instance, is actively raising a specialized $50 million non-fungible token (NFT) fund. Hack VC, which previously announced a $150 million fund, is also exploring opportunities to raise over $100 million for another investment vehicle. These initiatives highlight the increasing interest and confidence in the potential of the crypto industry from venture capitalists. While Paradigm faced criticism, including temporarily removing cryptocurrency references from its website, the firm rectified the situation and reaffirmed its commitment to the industry. Fred Ehrsam transitioned from managing partner to general partner at the firm in October, further solidifying Paradigm’s dedication to fostering crypto innovation. Despite setbacks, Paradigm continues to support crypto projects actively. Recently, the firm led an investment round in Merkle Manufactory, a company responsible for developing software infrastructure for the Farcaster social media network. The funding round valued Merkle Manufactory at approximately $1 billion, underscoring Paradigm’s ongoing belief in the potential and value of the crypto industry. Related Reading: Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations Overall, Paradigm’s successful fundraising efforts for its third fund demonstrate investors’ continued interest and confidence in supporting early-stage cryptocurrency projects. In recent months, the crypto industry has experienced a consistent outflow of funds, resulting in a decline in the total market capitalization from its yearly peak of $2.7 trillion to the current level of $2.3 trillion. The dominant cryptocurrency in the market has been the primary driver of the recent price drops. It is currently valued at $66,700 and has experienced a 3% decrease within the past 24 hours. Similarly, Ethereum has also declined, with its price dropping by 4% to approximately $3,475. Featured image from DALL-E, chart from TradingView.com

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