Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Cryptocurrency firm Paradigm has raised $1.2 billion — its third venture fund and fourth overall — with the aim of investing in “the frontier of technology,” said company founder Matt Huang. Announce Wednesday.
For Paradigm, the technical frontier will extend beyond its cryptocurrency investing roots. This fund is expected to expand its investment focus to include robotics and artificial intelligence. This is not a surprising move considering how hot the AI market has been over the past few years, while cryptocurrencies have faced challenges.
The model is not abandoning cryptocurrencies completely, according to A Blog post Written by Huang and the firm’s managing partner Alana Palmedo. The company “will continue to invest in cryptocurrencies and reinvent markets and the financial system” and will continue to “research and build as it accelerates the industry, from blockchain tools (Foundry and Reth) to proxy tools (Centaur) to security work (EVMbench, in collaboration with OpenAI),” the pair wrote.
But artificial intelligence and robotics are also priorities. In an interview with Bloomberg“There’s so much going on right now that it’s very hard to ignore,” Palmedo said.
Paradigm’s Fund III has already made some investments, including in… Drone delivery company zipline and Space startup Real anomaly.
The company, which was founded by Huang, a former Sequoia partner, and Fred Ehrsam, who co-founded cryptocurrency exchange Coinbase, in 2018, filed to raise the fund earlier this year. According to SEC filings. The box size is slightly less than $1.5 billion The Wall Street Journal reported in February that the company was seeking to raise capital.
