Based on the results of Paradigm’s latest fundraising event, it is safe to say that Fred Ehrsam’s Paradigm now holds the record of the largest crypto-related fundraising event toppling Andreessen Horowitz from that position.
Previous Record Holder
Andreessen Horowitz previously held the position when it raised $2.2B in the middle of this year, but Paradigm’s latest event sees it raise $2.5B. Many crypto enthusiasts fear a market clot as many traditional investors continue to pump money into the digital asset space. However, Fred Ehrsam, one of Coinbase’s co-founders, tweeted a response saying:
Just getting started https://t.co/V8fXb3hCTt
— Fred Ehrsam (@FEhrsam) November 15, 2021
The company’s first announcement after making history was that it will remain focused on its mission as an investor in early-stage startups including the nascent Web3 projects. These Web3 projects are a category of dApps built with smart contracts but their tokens are run on public blockchains.
During its first fundraising event, Paradigm raised $400m with one of the top VC investors being Yale University Paradigm has massive investments in some of the most popular projects in the crypto space. Top examples include Coinbase, Synthetix, and cosmos.
These new projects can function independently without any form of reliance on centralized intermediaries such as DeFi or NFTs. When it first started, Paradigm’s investment projects were mostly Ethereum dApps. But with time, it started expanding towards other layer-1 networks.
At The Beginning With Coinbase
Paradigm started its romance with the crypto industry by investing in Coinbase whose mission back then was to enable anyone from any location to send and receive cryptos safely and securely. Today, Coinbase is now a leader in the crypto community in terms of service and trust from crypto enthusiasts. Paradigm’s co-owners reiterated their desire to always hold on to investments for a minimum of 10 years without minding the uncertainties that come with it.
Realizing the need to have experienced hands, the VC investors hired a 5-man staff whose main responsibilities were to analyze corporate portfolios. Paradigm has had to work with agency buyers and teams, university endowments, and other investment advisory companies who sought and keep seeking Paradigm’s help in navigating the waters of investing in the crypto world.
In some cases, the Paradigm team has helped some investors make irrefutable offers with crypto teams seeking endorsements. Paradigm has superseded expectations but it’s not relenting in its efforts. The team still has lofty ambitions which means that they are the only ones who can stop themselves.
Tesla’s Dip And Cryptos’ Dip
While other altcoins were flat, ETH, SOL, and DOT made significant gains. Eth continues to close in on its peak prices and a possible surge past its next price resistance – the $5K price mark.
Tesla Share Price Dip. Source: TradingView
Tesla’s shares dipped by more than 3% on the US stock exchange with BTC copying its behavior just as it did this past week. Perhaps one of the reasons for the dip is a tweet by the world’s richest man, Elon Musk, saying that he might sell off more of his Tesla shares.