"It was kind of ridiculous."
That's how venture capitalist Matt Huang described Paradigm's decision to remove crypto from his firm's website.
The company, which has backed companies ranging from decentralized finance darling Uniswap to bankrupt FTX, removed crypto and Web3 mentions from its frontpage in May. Now it is "so back."
Huang, who co-founded Paradigm with Coinbase board member Fred Ehrsam, took to Twitter on Saturday to let the market know that the firm is still dedicated to crypto. The remarks came days after he said developments in artificial intelligence are “too interesting to ignore" and that the venture investor has never been more dedicated to crypto, responding to criticisms that Paradigm strayed from its focus on the crypto sector.
Paradigm's website made headlines after changes were made to the site's boilerplate to describe it as a "research-driven technology investment firm" as opposed to one that specifically invested in “disruptive crypto/Web3 companies and protocols.”
The revision went live around May 3, according to the Wayback Machine that's operated by the Internet Archive.
"When Fred and I started Paradigm five years ago, there was no master plan," he said Saturday. "What we had was a shared curiosity for the future, deep conviction in crypto, and a desire to advance the frontier of what’s possible."
"We’ve never been more excited about crypto and we continue to invest across all stages, publish original research, help portfolio companies develop mechanisms (like Uniswap v2, v3, v4), ship open source projects (Foundry, Reth), advocate for good policy, and more," he added.
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