Paradigm, a leading web3 venture capital firm, has closed an $850 million early-stage crypto venture fund.

This fund is one of the largest raises in the industry and marks Paradigm's shift towards early-stage investments.

The shift follows the recent departure of co-founder Fred Ehrsam.

Paradigm is known for investing in notable projects like Uniswap and Optimism.

In 2021, Paradigm raised a record-breaking $2.5 billion fund.

The increase in cryptocurrency-focused fund launches in 2024 is driven by Bitcoin's rally to record highs and potential approval of Ether-focused ETFs.

Georgios Konstantopoulos has been promoted to a general partner at Paradigm.

This promotion underscores Paradigm's commitment to investing in the growing and increasingly popular crypto space.