Crypto-focused venture firm Paradigm has successfully raised $850 million for its third investment fund dedicated to advancing the cryptocurrency sector. The announcement was made on Thursday, underscoring Paradigm's unwavering commitment to the growth and innovation within the crypto industry.

"When we founded Paradigm in 2018, we believed that crypto would be one of the most important technical and economic shifts of the coming decades. Six years later, that belief has only gotten stronger," the firm stated.

Back in April, Paradigm was reportedly in discussions with investors to raise this substantial sum, marking another significant milestone following their 2021 launch of a $2.5 billion venture fund aimed at supporting crypto companies and protocols.

Paradigm has been at the forefront of major funding rounds for various crypto startups. In March, the firm led a $55 million round for Succinct Labs, a startup specializing in zero-knowledge proofs. Additionally, in November 2023, Paradigm participated in an $18 million Series A funding round for Privy, a web3 infrastructure startup.

The firm's latest statement highlighted the transformative impact of cryptocurrency, noting, "Bitcoin has monetized to $1 trillion+. Ethereum, Solana, and other blockchains are scaling. Stablecoins are being adopted globally. Frontier research speeds along. New infrastructure is enabling consumer applications. Hundreds of millions of people own crypto. And crypto is now a main character on the world’s political stage."

Paradigm's continued investment in the crypto space reflects its belief in the profound technical and economic changes driven by digital assets and blockchain technology. The firm's proactive role in nurturing and funding emerging startups positions it as a key player in shaping the future of the crypto ecosystem.