Matt Huang and Fred Ehrsam, co-founders and managing directors of Paradigm, said the cryptocurrency-focused investment company seeks to broaden its presence in the virtual asset space with the launch of its first venture capital fund.
In a blog post posted Monday, Huang and Ehrsam said the $2.5 billion VC fund will back early-stage and established cryptocurrency companies and protocols worldwide to drive the broader adoption of crypto assets.
“This new fund and its size are reflective of crypto being the most exciting frontier in technology. Over the past decade, crypto has come a long way. But cryptocurrencies are still owned by less than ten percent of the global population,” Paradigm’s co-founders wrote.
Coinbase co-founder Ehrsam and former Sequoia Capital partner Huang launched Paradigm in 2018 to provide crypto startups with capital to help them bring their products and services to the market. Paradigm’s portfolio companies include crypto data platform Chainalysis, crypto exchange CoinSwitch and blockchain privacy solution Keep Network.
The Potomac Officers Club will hold its Digital Currency and National Security Forum on Jan. 27. Sign up for the virtual event to hear from government and industry leaders as they talk about the implications, risks, opportunities and challenges that digital currencies pose to the future of the U.S. economy and national security.