The Paradigm Shift in Crypto That Wasn’t
The high-profile crypto venture firm Paradigm has had a rough 12 months, including an FTX investment that went to zero and a website makeover that caused an uproar. But co-founder Matt Huang said in an interview that its commitment to crypto remains unwavering.
Earlier this year, as some of the less die-hard crypto investors and entrepreneurs began distancing themselves from that turbulent sector, Paradigm—one of the largest venture firms specializing in crypto—also seemed to wobble.
In May, Paradigm scrubbed any mention of crypto from the homepage of its website and Twitter bio, changing its description to a “research-driven technology investment firm.” That sparked an uproar among investors and founders, who accused the firm of abandoning its crypto roots. A little over a month later, the firm reversed the changes. In an interview with The Information—the first he has given to the press since December 2021, shortly after Paradigm launched its $2.5 billion fund—co-founder and managing partner Matt Huang acknowledged the gaffe and stressed that Paradigm is not backtracking from investing in crypto startups.
“We let the crypto community down,” he said.