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Paradigm is looking to raise new funds for crypto investments as venture capitalists flock back to the burgeoning digital asset industry.&nbsp;
Crypto investment company Paradigm has plans to raise as much as $850 million for a fresh fund following Bitcoin’s recovery beyond an all-time high and cryptocurrency’s ascent near its 2021 peak, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-04-02/crypto-vc-paradigm-in-talks-to-raise-over-750-million-for-fund" target="_blank" rel="noopener noreferrer nofollow">reported</a> on April 2.&nbsp;
According to <a href="https://www.rootdata.com/dashboard" target="_blank" rel="noopener noreferrer nofollow">RootData</a>, investments into crypto protocols and ideas jumped by over 50% last month, as capitalists injected around $1.1 billion into the digital asset sector. Defi solutions running on Ethereum, Polygon, and other decentralized finance-centric blockchains attracted the most funds.&nbsp;
Paradigm aims to pull together at least $750 million in what could be the firm’s largest haul since 2021. At the time, the company raised $2.5 billion for a crypto fund, the largest ever of its kind until Andreessen Horowitz (a16z) fielded a $4.5 billion crypto-investment vehicle in May 2022.&nbsp;
Other VCs including <a href="https://crypto.news/a16z-co-founder-galaxy-digital-back-1kxs-new-75m-crypto-fund/" target="_blank" rel="noopener noreferrer nofollow">a16z</a>, Hack VC, and Hivemind are involved in fundraisers ranging from $50 million to $150 million as crypto <a href="https://crypto.news/crypto-vc-funding-up-for-the-first-time-since-nearly-2022-pitchbook-says/" target="_blank" rel="noopener noreferrer nofollow">garners</a> steam once again.&nbsp;
You might also like: <a href="https://crypto.news/crypto-vc-funding-up-for-the-first-time-since-nearly-2022-pitchbook-says/" rel="noopener noreferrer nofollow"> Crypto VC funding up for the first time since nearly 2022, PitchBook says </a>
<h2 class="wp-block-heading" id="paradigm-s-sour-ftx-bet">Paradigm’s sour FTX bet</h2>
Spearheaded by Coinbase Co-Founder Fred Ehrsam and former Sequoia Capital executive Matt Huang, Paradigm was also an investor in bankrupt crypto exchange FTX. Huang was part of a team that invested $278 million into Sam Bankman-Fried’s venture.
Last November, the ex-Sequoia partner told jurors that Bankman-Fried deceived Paradigm regarding FTX’s operations. <a href="https://crypto.news/sbf-trial-day-4-witness-recounts-alamedas-65b-credit-line-and-alleged-unlimited-ftx-withdrawals/" target="_blank" rel="noopener noreferrer nofollow">Huang’s testimony</a> during the three-week trial contributed to a conviction against FTX’s founder.&nbsp;
While Huang’s firm <a href="https://crypto.news/paradigm-co-founder-regrets-trusting-ftx-founder/" target="_blank" rel="noopener noreferrer nofollow">marked</a> its FTX bet down to zero following the firm’s bankruptcy, Bankman-Fried was <a href="https://crypto.news/sam-bankman-fried-sentenced-25-years-ftx/" target="_blank" rel="noopener noreferrer nofollow">sentenced</a> to 25 years in prison for defrauding investors and customers of over $8 billion.&nbsp;
Read more: <a href="https://crypto.news/sam-bankman-fried-i-never-intended-to-hurt-anyone/" rel="noopener noreferrer nofollow"> Sam Bankman-Fried: ‘I never intended to hurt anyone </a>

Paradigm targets $850m crypto fundraiser

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