Crypto VC Paradigm raises $1.2B fund for AI, says it's not abandoning crypto

Cryptocurrency venture capital firm Paradigm has raised a new $1.2 billion fund to expand its investments into fields beyond crypto, such as artificial intelligence (AI) and robotics. According to Bloomberg, Paradigm's decision to broaden its focus comes amid a surge in investment for AI startups, which contrasts with a slowdown in the crypto sector. Co-President Alana Palmedo clarified that the firm is not halting its crypto investments. She described crypto as the firm's "first frontier" and still an "exciting area," but noted that significant changes are now occurring in other fields that are too difficult to ignore. Fellow Co-President Matt Huang added that Paradigm was founded to invest in technological paradigm shifts, not solely in crypto. He explained that while that shift was crypto a decade ago, today it is AI.