Thursday, December 2

Paradigm Announces $ 2.5 Billion Fund For Cryptocurrency Companies

Paradigm announces a new $ 2.5 billion venture capital fund to continue investing in the next generation of cryptocurrency companies and protocols. According to a company statement, the new fund will invest in all stages of the companies and geographies. The statement is signed by the two co-founders of the company: Matt Huang and Fred Ehrsam.

Paradigm and its fund for cryptocurrencies

It is one of the most ambitious funds for the crypto market. Last June, Andreessen Horowitz announced the raising of 2.2 billion dollars to continue investing in projects related to crypto assets. Horowitz said then that the next wave of computing innovation will be driven by cryptocurrencies.

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The size of the background indicates Paradigm, reflects how cryptocurrencies are the most exciting frontier in technology. The company indicates that over the last decade, cryptocurrencies have come a long way, but are still used by less than 10 percent of the world’s population. Likewise, it states that decentralized financial systems have grown to reach $ 100 billion in accumulated assets, but they still represent a small amount in the context of the traditional financial system. Web3 applications are used by tens of millions of users, but they are still a long way from the billions of Web2 users. The journey is just beginning and the potential of cryptocurrencies has never been clearer, say the founders of Paradigm.

Back to cryptocurrencies: Andreessen Horowitz launches $ 2.2 billion fund

A technology that changes everything

Huang and Ehrsam note that they have built a team of experts around research, engineering, security, talent, communications, marketing, legal and policy issues. In short, with everything that crypto entrepreneurs may need to advance their projects.

Before creating Paradigm, Huang was a partner at Sequoia Capital and founder and CEO of Hotspots, acquired by Twitter in 2012. Huang, a Mathematics graduate from MIT, bought his first Bitcoin on MtGox, in 2012. Ehrsam was a co-founder of Coinbase, the largest cryptocurrency company in the US He presided over the company from 2012 to 2017 and bought his first bitcoin in 2011. Prior to Coinbase, he worked at Goldman Sachs and holds a BA in Computer Science and Economics from Duke University in the United States.

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