The crypto investment company Paradigm intends to raise over $ 1 billion for its new fund, CoinDesk writes, citing sources.
According to the presentation for investors, the closing of the fees is scheduled for November 12. The funding will be used to invest in startups. It is expected that the size of the fund will be from $1.25 billion to $1.5 billion.
Paradigm is headed by Fred Ersam– one of the co-founders of the Coinbase exchange. A source familiar with the situation also said that recently the company has been interviewing family foundations in Silicon Valley that may be interested in its offer.
In June, Andreessen Horowitz reported raising $2.2 billion for its third crypto fund, which was a record amount for such a mechanism. In total, in the third quarter, the cryptocurrency industry received about $8 billion in the course of 423 private investment transactions.
Also today it became known about the launch of an investment blockchain fund with a capital of $ 100 million by the family firm of the Prime Minister of the UAE. The fund is designed to support regional goals of transferring 50% of government transactions to the blockchain by the end of this year. In 2016, the Dubai authorities revealed plans to store official documents on the blockchain and launched a number of initiatives to fulfill this plan.
The UAE Prime Minister's fund promised to cooperate with business and regulatory authorities on the search for new investment opportunities:
"This is a key achievement. We expect to attract outstanding talents and technologies to the region with the help of our knowledge and capital."
UPD: The UAE authorities have denied information about the creation of a blockchain fund.