Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Matt Huang, co-founder of Paradigm, stated that the firm “has never been more committed to crypto.”
The venture capital company has participated in the sector for several years, making significant investments and spearheading various fundraising efforts.
‘Enthusiastic About Crypto’
In a recent Twitter post, Huang confirmed that Paradigm remains dedicated to the cryptocurrency industry. The venture capital powerhouse will persist “in investing across all stages, publishing original research, assisting portfolio companies in developing mechanisms, launching open source projects, advocating for sound policy, and more.” He also mentioned that Paradigm is keen on the progress of artificial intelligence (AI).
”We’re also a group of inquisitive enthusiasts, and the advancements in AI are too compelling to overlook.”
The executive rejected the notion that crypto and AI represent a zero-sum rivalry. This term is commonly used in finance to describe a situation where one party’s gain results in another’s loss.
”It appears fashionable to depict crypto vs. AI as a zero-sum competition. However, we disagree. Both fields are fascinating and will have significant intersections. We’re eager to keep exploring,” he concluded.
Related Posts
Paradigm’s Crypto Initiatives
One of Paradigm’s initial significant engagements with the sector took place in 2019 when it invested up to $1 million in Uniswap. The firm was also among the financial supporters of Uniswap’s $165 million fundraising round in 2022.
ADVERTISEMENT
The venture capital firm gained attention during the 2021 bull market when it unveiled a substantial $2.5 billion fund aimed at further investments in the digital asset space.
Paradigm also contributed to the establishment of the new cryptocurrency exchange EDX Markets. It joined the ranks of notable companies that financially backed the marketplace, including Fidelity Digital Assets, Citadel Securities, Sequoia Capital, Charles Schwab, and Virtu Financial.
Despite its successful initiatives, Paradigm was affected by the FTX fallout due to its prior involvement with the now-defunct exchange.
It incurred losses exceeding $270 million following the collapse. Co-Founder Huang expressed feeling “shocked” by the incident, suggesting it will encourage firms and individuals to conduct more thorough investigations before allocating funds to projects.
Months later, Paradigm, Sequoia Capital, Thoma Bravo, and other financial giants with ties to FTX faced allegations of promoting the trading platform in a marketing campaign in 2021.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
