- Paradigm has finished its third cryptocurrency fund.
- The bear market is finished for cryptocurrency venture capitalists.
With the completion of its third fund, venture capital company Paradigm has raised $850 million to invest in early-stage cryptocurrency startups.
The lifeblood of the cryptocurrency industry is venture capitalists, several of the leading VCs in the space, such as Paradigm, said that their assets rose in 2023 compared to the previous year.
The resurgence of the cryptocurrency sector as a whole is reflected in the recovery of some venture capitalists’ fortunes; Paradigm’s funds exceeded $10 billion in value last year.
Co-founder Matt Huang of the business stated in a statement that it is more crucial than ever to hasten the development of cryptocurrency, not only as an investment but also as a building block.
In an effort to advance the crypto frontier, Paradigm has assisted in the launch of several open-source initiatives in recent years.
Huang continued, “We’re eager to commit a lot of work to these projects in the upcoming years.”
Even said, many cryptocurrency venture capitalists haven’t yet reached the heights of the previous bull market, despite fresh hope for the sector.
Paradigm reported having $13.2 billion in assets under management in 2021 and 73 employees in 2022. It employs just 59 people now.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
