Paradigm Makes U-Turn, Mentions ‘Crypto’ on Website Again

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Venture capital firm Paradigm has now included references to crypto on the front page of its website after initially removing it in May.

Co-founder Matt Huang claimed that the initial removal was a mistake, adding that it was ridiculous that the firm removed all mentions of crypto from its page.

Paradigm Remains Dedicated to Crypto

“Paradigm has never been more dedicated to crypto,” Huang said in a tweet.

Huang said:

“We’ve never been more excited about crypto and we continue to invest across all stages, publish original research, help portfolio companies develop mechanisms, ship open source projects, advocate for good policy, and more.”

The VC firm has added a boilerplate as the header and footer of its website, announcing loudly that it is focused on crypto. The company also describes itself as a firm that “focuses on crypto and related technologies at the frontier.”

Meanwhile, the VC firm is also focusing on artificial intelligence. Huang said that “developments in AI are too interesting to ignore.”

Paradigm Earlier Crypto Moves

Paradigm is one of the most prominent venture capital firms backing crypto projects. The firm, founded by Huang and Fred Ehrsam, has invested in almost all the notable projects in the crypto space.

Some of its investments include Blur, Coinbase, Chainalysis, Coinswitch, Uniswap, Argent, Sky Mavis, Phantom, and others. Despite a crypto-dominated portfolio, the firm changed its description in May from investing in “disruptive crypto/Web3 companies and protocols” to a “research-driven technology investment firm.”

It also removed all mentions of crypto from its front page, including the statement, “We believe crypto will define the next few decades.” All these moves attracted attention, given its status in the crypto space.

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Community Hails Return

Reactions trailing Paradigm’s latest moves have mostly been sarcastic. Some users noted that Web3 VCs that pivoted to artificial intelligence when the crypto industry was struggling are now making a return when BTC is over $30k.

Another user noted that Paradigm’s return to crypto is very bullish for a company that owns about half of the industry.

Others also consider its earlier moves intentional and noted that the comeback is only because other institutional investors are making a play for crypto.

Over the past month, several traditional financial firms have invested in the crypto industry. Fidelity is backing a non-custodial crypto exchange, EDX Markets, while BlackRock and several others have filed applications for a Spot BTC ETF.

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Source: ryptodaily.co.uk

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