Paradigm to Raise $1.5B in Funding Round, On-boards New Partner

Paradigm, a crypto-focused venture capital firm, has announced its plans to raise $1.5 billion in a funding round. Paradigm is headed by Fred Ehrsam, a co-founder of Coinbase. The news of this funding round was first reported by Coindesk, which stated that documents about the funding round would be used to help startup investment companies. Furthermore, the funding round is expected to close on November 12. Largest Crypto Funding Round If this fundraiser goes according to Paradigm’s plans, it will place the firm as one of the venture capital firms to raise large amounts of money in a single round. Venture Capitals have been agile in helping startups in the cryptocurrency sector. During the first six months of 2021, venture capital firms allocated $17 billion worth of cryptocurrency investments. Buy Crypto Now This is a major increase this year after the $5.5 billion worth of investment raised during the same period last year, per a report by the Bank of America. The contributions for his funding round will come from the limited partners of Paradigm and the general partners. The general partners’ contribution has been set at a minimum of 1%, bringing the total fund to between $1.25 billion and $1.5 billion. A source close to the firm has stated that the firm has already been contributing to this funding round in family offices in Silicon Valley. Strategic Move for the Firm If this funding round is successful and Paradigm raises the estimated amount, the venture capital firm will rise to the top of the list regarding the largest Bitcoin venture capital firms. However, this is not the largest funding round ever in the venture capital cryptocurrency sector. The venture capital firm will be competing with Andreessen Horowitz, a leading venture capital firm, which secured $2.2 billion at the beginning of the year in a funding round. However, if Paradigm succeeds, it will propel the venture capital firm closer towards being a global leader in this sector. The funding round is not the only development that Paradigm has announced. There have been rumours in the market that the venture capital…

Source: Paradigm to Raise $1.5B in Funding Round, On-boards New Partner

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