Bloomberg’s Rebecca Torrence reported the news on July 8, 2026, describing the vehicle as the venture firm’s third fund. Matt Huang and Fred Ehrsam founded Paradigm in 2018. Huang previously worked as a partner at Sequoia Capital.

Ehrsam co-founded Coinbase. Together they built one of the more technically involved firms in crypto investing, often working directly with founders on protocol design alongside writing checks.

The new fund lands at a moment when capital is moving in…