Updated: April 2, 2024, 4:35 PM EST
Online investment firm Paradigm is in talks with investors to raise between $750 million and $850 million for a new investment vehicle.
If the fund reaches $750 million, it will be the largest since the collapse of the cryptocurrency market in May 2022, Bloomberg reported, citing people familiar with the matter.
The potential deal bodes well for the recovery of the cryptocurrency market. However, Paradigm said cryptocurrencies have been “back to normal” since July 2023, The Block previously reported.
Paradigm has recently led several raises for cryptocurrency startups, such as a $55 million funding round for zero-knowledge proof startup Succint Labs in mid-March, and an $18 million Series A for web infrastructure startup Privy in November. 2023.
Paradigm had previously set up a $2.5 billion investment fund in November 2021 specifically for cryptocurrency companies and protocols. Not all bets worked out, however, as the company had invested a total of $278 million in Sam Bankman-Fried's collapsed cryptocurrency exchange FTX by early 2022. Paradigm has since reduced its investment in FTX to zero, reports The Block the previous. Reports preparation.
Disclaimer: The Block is an independent media outlet that provides news, research and data. As of November 2023, Foresight Ventures is the majority investor in The Block. Foresight Ventures is investing in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is a core program of Foresight Ventures. The Block continues to work independently to provide objective, influential and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
