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Paradigm announced a new $2.5 billion VC fund for crypto companies. The fund will continue to be used alongside its existing flagship fund. “The new fund and its size reflect crypto space as the most exciting technology frontier,” Matt Huang and Fred Ehrsam, co-founders of Paradigm, said in a blog post. “Web3 applications have grown to tens of millions of users, but are still a far cry from the billions of Web2 users. The journey is just beginning and the potential of crypto has never been clearer.”
Investor interest in cryptocurrency start-ups is growing, especially those based on blockchain innovations. One of the motivations for capital inflows is the growing demand for digital currencies from retail speculators. This has prompted venture capitalists to back cryptocurrency wallets and exchanges. Now, if BTC price can break through its latest high and stay above $67,000 for the rest of the week, it still has the potential to make a new high. If BTC fails to hold the key $60,000 level, it could be in for a bigger downside move.