Recently, the leading investment fund in the field of cryptocurrency Paradigm suddenly removed all keywords related to crypto and Web3 from its website. At the same time, the statement shifts its focus to AI.
Paradigm, one of the most popular and active hedge funds in the crypto industry, appears to be leaving crypto in favor of more “pioneering technologies” such as artificial intelligence (AI). .
Currently, on the official website, Paradigm’s message has been transformed into an “in-depth research-based technology investment fund”. Before that, the message was “invest in groundbreaking crypto/Web3 companies and protocols”.
Notably, the line stating “we believe crypto will shape technology trends for the next decade and a half” was also removed from the homepage. This page no longer mentions anything web3 or blockchain related.
However, the portfolio section of Paradigm still shows the names of dozens of major crypto, decentralized finance (DeFi) and NFT related companies such as Argent wallet, Phantom, Aztec zk-Rollups solution; NFT marketplace platforms OpenSea, Magic Eden, Blur, Coinbase exchange; layer-1 Cosmos (ATOM); DeFi Compound (COMP), Synthetix (SNX) and Maker (MKR) protocols; DEX exchange Uniswap (UNI) and dYdX (DYDX); Euler lending platform (EUL); layer-2 StarkWare…
Before this news, a representative of Paradigm stated that the fund still maintains its investment orientation in cryptocurrencies and Web3, while changing the message on the website is just for the purpose of focusing more on research activities. new technologies, including AI.
However, the community is still not satisfied with the reassurance from Paradigm. Many people believe that the reason why Paradigm “shunned” cryptocurrencies is because the regulatory environment in the US is not very favorable, and at the same time, the legal authorities continuously suppressed many projects in 2023.
Even the crypto industry is buckling off the aftershocks of the 2022 crisis.
Previously, two major market makers in the industry, Jump Crypto and Jane Street, in early May also announced the reduction of activities in the cryptocurrency sector. 1 month later, the trading volume on many CEX exchanges also dropped simultaneously.
It is known that Paradigm is an investment fund born in 2018, founded by Coinbase co-founder Fred Ehrsam and former Sequoia manager Matt Huang. In November 2021, Paradigm announced it had raised $2.5 billion, making it the most valuable fund in crypto history up to that point.
Since its inception, aradigm has invested in over 100 crypto startups.