Paradigm onboards new partner amid $1.5 billion raise

Crypto investment firm Paradigm is raising more than $1 billion for a new fund, sources confirmed to The Block. 

CoinDesk first reported the news Monday, citing an investor deck that claimed the fundraising efforts will close on Nov. 12. The funds will be used for startup investments. Paradigm plans for the fund to weigh in between $1.25 billion and $1.5 billion, according to CoinDesk. 

With the raise comes a new hire, The Block has learned. Matthew Mizbani from hedge fund Coatue Management has signed as a partner at Paradigm. He previously worked at Morgan Stanley and Two Sigma. A source familiar with the matter told The Block that Paradigm hired Mizbani for the new fund.

Investment in the crypto space is ramping up. During Q3, the industry received an infusion of $8 billion in private investment across 423 deals, according to The Block Research. Paradigm led the fourth largest round with Genesis Digital Asset's $431 million raise. 

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.