Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Paradigm in talks of raising up to $850 million for new crypto fund: report

Paradigm in talks of raising up to $850 million for new crypto fund: report

The BlockThe Block2024/04/02 20:25
By:MK Manoylov

Web3 venture firm Paradigm is in talks with investors about raising up to $850 million for a new crypto venture fund.If the fund raises more than $750 million, it would be the largest since the crypto market crash of May 2022, reports Bloomberg.

Paradigm in talks of raising up to $850 million for new crypto fund: report image 0

The web3 venture firm Paradigm is in talks with investors of raising between $750 million and $850 million for a new investment vehicle.

If it reaches $750 million, the fund would be the biggest since the crypto market crash of May 2022, reports Bloomberg citing people familiar with the matter.

The potential deal bodes well for the crypto market recovery. However, Paradigm said crypto has been " so back " since July 2023, The Block previously reported.

RELATED INDICES

See crypto indices

Paradigm recently led numerous raises for crypto startups, such as a $55 million financing round for the zero-knowledge proofs startup Succinct Labs in mid-March and an $18 million Series A for the web3 infrastructure startup Privy in November 2023.

Paradigm had formerly set up a $2.5 billion venture fund in November 2021 specifically for crypto companies and protocols. Not all the bets paid off, however, as the firm had invested a total of $278 million in the Sam Bankman-Fried's collapsed crypto exchange FTX by early 2022. Paradigm has since marked down its investments in FTX to zero , according to The Block's prior reporting.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

CME Bitcoin Friday Futures experience notable increase in institutional demand

CME’s Bitcoin Friday Futures weekly contracts have seen a significant uptick in institutional interest, reflecting growing demand for exposure to the digital asset market.Since their launch in late September, over 380,000 CME Bitcoin Friday Futures contracts have traded, reaching a daily average volume of 12,400 contracts.

The Block2024/11/15 16:45

Ethereum ETFs record highest weekly trading volume since launch

This past week, Ethereum ETFs recorded over $1.63 billion of trading volume, up over 44% from the previous week.The following is an excerpt from The Block’s Data and Insights newsletter.

The Block2024/11/15 16:45

BTC falls below $88,500

Cointime2024/11/15 15:22