Traditional financial institutions and governments the world over are scrambling to keep up with the craze for cryptocurrency trading and investment. By now, it’s almost a truism that crypto is king.
To some of the biggest names in crypto, that’s a sign that it’s time to move on to the next big thing.
Citing the coming boom in retail and institutional crypto investment and payments, Fred Ehrsam, the co-founder of the world’s largest crypto exchange, Coinbase, is partnering with Sequoia Capital Partners’ Matt Huang to launch a new venture capital fund called Paradigm One. Having raised $2.5 billion already, making it the biggest crypto fund in the world, Paradigm One is being targeted at harnessing what the company calls the “next generation of crypto companies and protocols.”
Built to enable the wave of innovation anticipated as part of crypto’s integration into the mainstream, Paradigm is expected to invest heavily in startups working on Web3 blockchain platforms, DeFi services, token-based apps, and other technologies needed to facilitate popular investment in and use of crypto.
As Paradigm’s founders put it in a recent blog post, “Over the past decade, crypto has come a long way.” Understatement aside, Ehrsam and Huang are positioning themselves to usher the crypto world into whatever comes next.
