Paradigm Raises $850 Million for Early-Stage Crypto Venture Fund

Venture capital firm Paradigm said it has raised $850 million for its third fund, which will focus on early-stage crypto projects.

Paradigm was previously an early investor and contributor for projects like crypto exchange Uniswap and Optimism, a way to scale the Ethereum blockchain. Paradigm — founded in 2018 by Coinbase Global Inc. co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang — is one of the largest VC investors in the industry. This is Paradigm’s first fund since Ehrsam stepped out of a leadership role with the San Francisco-based firm in October.

“This is the sort of early-stage work ...