Crypto-focused Paradigm expands to include AI and more.

Crypto-focused Paradigm expands to include AI and more.


Crypto venture capital firm Paradigm is shifting its focus towards a broader range of “frontier tech,” including AI, while still maintaining its investments in crypto and Web3 companies, according to sources.

Cryptocurrency deal financial resources company Paradigm, one of most established and active players in the space, is going beyond just blockchain tech and highlighting a focus on a broader array of “frontier tech” that includes artificial intelligence, two sources with knowledge of the matter informed The Block. 

The change is subtlety visible on the firm’s website, with the company now calling itself a “research-driven technology financing firm” as opposed to one that in particular  invested in “disruptive crypto/ Web 3.0 corporations and protocols.” The revision seems to have gone live around May 3, reports by the Wayback Machine that’s operated by the Internet Archive.

A line that stated “we believe cryptocurrency will define the following few decades” was removed from the home page, which now makes no mention of Web 3.0 or blockchains teck. 1 source who was not authorized to speak publicly stated the change didn’t mean the company was shying away from cryptocurrency but rather highlighting its reach into adjacent areas. 

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The company’s portfolio section of the website still lists dozens of corporations associated with cryptocurrency, (DeFi) and NFTs. 

Paradigm

The website on May 25.


The individual familiar with the strategy stated the company had not changed its mandate and continued to focus on cryptocurrency and Web 3.0, with no practical change. The updated website copy was meant to say its technical research, the individual stated, keeping in mind that Paradigm had backed corporations that have explored new technologies within their core strategy such as Artificial Intelligence (AI) Arena. 

The company didn’t instantly respond to a request for further comment. 

Cryptocurrency industry challenges

The wider focus comes as the cryptocurrency industry is still dealing with aftershocks from the crisis a year ago marked by the collapse of the FTX Trading Ltd exchange. Paradigm was an investor in FTX Trading Ltd and wrote off its $290 Million financing in the company after it filed for bankruptcy in November.

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Paradigm was co- established in 2018 by Coinbase Crypto exchange co- founder Fred Ehrsam and previous Sequoia partner Matt Huang. In November 2021, the company raised a $2.5 Billion fund, which at the time was the largest ever crypto-focused deal fund. Its portfolio includes high-profile corporations including Uniswap, OpenSea and Fireblocks, reports by The Block Pro’s Deals Dashboard.

Paradigm has invested in over 100 cryptocurrency startups to date, reports by the dashboard.

After a troubled year, cryptocurrency VC assets have slowed down. Deal investors put around $2.8 Billion into cryptocurrency assets in the 1st quarter of 2023, down from about $3.5 Billion in the fourth quarter of 2022, reports by data tracked by The Block Research.

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Can cryptocurrency and Artificial Intelligence (AI) work together? 

The fresh focus comes amid a surge in attention on Artificial Intelligence (AI) in the year, especially with the widespread adoption of OpenAI’s ChatGPT language model. And there has likewise been much industry chatter about how Artificial Intelligence (AI) and blockchain tech can be integrated. 

Jeremy Allaire, the co- founder and CEO of crypto stablecoin issuer Circle, stated Thursday that he was already hearing about ” Artificial Intelligence (AI) Bots spinning up on-chain wallets and using USDC.”

” Artificial Intelligence (AI) and Blockchains teck are made for each other,” he wrote on Twitter. “Provenance of data, machine generated and enforced contracts, and machine to machine value exchange.”

Allaire was responding to a lengthy post from Hunter Horsley, the CEO of cryptocurrency financing company Bitwise, who stated he’d spent many of time talking with Artificial Intelligence (AI) engineers in the previous plenty of days.

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” Artificial Intelligence (AI) could be a catalyst for cryptocurrency in this cycle,” Horsley wrote, adding that the tech would create new demand for cryptography and blockchains teck. “Feeling increasingly convinced that these two disparate technologies are going to have intertwined futures, and that cryptocurrency is going to become a lot more important as Artificial Intelligence (AI) starts to proliferate.”



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