Paradigm, a cryptocurrency venture capital firm led by Coinbase co-founder Fred Ehrsam, is looking to raise between US$1.25bn and US$1.5bn for investments in start-ups, according to the Coindesk website.
The report, citing an investor presentation document, said the fund-raising would make Paradigm one of world's largest crypto-focused venture capital companies.
Venture Capital firms placed US$17bn in crypto investments in the first half of 2021, up from US$5.5bn in the same period last year, according to a Bank of America (NYSE:BAC) report.
Earlier this year, VC powerhouse Andreessen Horowitz raised US$2.2bn for its third crypto fund, making it the industry’s largest ever.
Paradigm's fund-raiser is closing on 12 November, Coindesk said.