“Paradigm has secured our third fund,” the company announced. “An $850M venture fund dedicated to crypto projects in their nascent stages. When we founded Paradigm in 2018, we were convinced that crypto would emerge as one of the most pivotal technological and economic transformations of the coming decades. Six years later, that conviction has only strengthened,” the statement elaborated.

Paradigm has supported a plethora of leading crypto entities and startups, including Coinbase, Optimism, Chainalysis, Farcaster, Uniswap, Gitcoin, Alchemy, Dydx, Immutable, Maple Finance, Compound, and Parity Technologies. In the first quarter of 2024, crypto and blockchain enterprises secured an estimated $2.4-2.5 billion in venture capital investments.

Analysts predict that funding for crypto projects could soar to $12 billion this year, surpassing the nearly $10 billion amassed last year. The first quarter of 2024 experienced a 40% surge in funding compared to Q1 2023. Although Paradigm’s announcement on June 13 was anticipated weeks beforehand, the precise amount raised had not been previously disclosed.