Venture capital firm Paradigm has completed its third fund, raising $850 million to invest in the earliest stages of crypto projects.
Venture capitalists are the lifeblood of crypto, and some of the top crypto VCs, including Paradigm, say their assets increased in 2023 from the previous year, DL News has reported.
The rebound in the fortunes of some VCs mirrors the revival of the broader crypto market, as Paradigm saw its funds’ value surpass $10 billion last year.
The company’s co-founder Matt Huang said in a statement: “It’s more important than ever to accelerate a positive future for crypto, not just as investors but as builders.”
Over the past few years, Paradigm has helped launch a number of open-source projects with the goal of pushing the crypto frontier forward.
“We’re excited to dedicate significant effort to such projects over the coming years,” Huang added.
Still, despite renewed optimism for the industry, many crypto VCs haven’t yet recovered to the heights of the last bull market.
In 2021, Paradigm said it had $13.2 billion in assets under management, and in 2022 it said it employed 73 staff members. Now, it has only 59 employees.