Updated: April 2, 2024, 4:35 PM EDT
Web3 venture company Paradigm is in talks with investors to raise $750 million to $850 million in a new investment vehicle.
If the amount reaches $750 million, the fund would be the largest since the crypto market crash in May 2022, Bloomberg reported, citing people familiar with the matter.
This potential trade bodes well for the recovery of the crypto market. However, Paradigm said that from July 2023 onwards, cryptocurrencies are “all the way back,” The Block previously reported.
Paradigm has recently made investments in cryptocurrency startups, including a $55 million funding round for zero-knowledge proof startup Succinct Labs in mid-March and an $18 million Series A for Web3 infrastructure startup Privy in November 2023. Led many fundraising efforts.
Paradigm previously launched a $2.5 billion venture fund focused on cryptocurrency companies and protocols in November 2021. However, not all bets paid off, with the company having invested a total of $278 million in Sam Bankman Freed's failed cryptocurrency exchange FTX by early 2022. According to a previous article in The Block, Paradigm has since reduced its investment in FTX to zero. report.
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