Coinbase Co-founder Conceives Biggest Crypto VC Fund: FT

Coinbase Global Inc COIN co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang raised $2.5 billion in November for Paradigm One, their first venture capital fund, Financial Times reports.
Investors maneuvered to commit money to the fund, allowing them to raise twice the amount they initially targeted.
"It is probably small relative to where we're going in 10 years," Ehrsam said.
Earlier this year, VC firm Andreessen Horowitz also raised twice as much as it had hoped for a new cryptocurrency fund, bringing in $2.2 billion, which at the time it said was the "largest crypto fund ever raised."
Both firms have staked their fortunes on an expanding ecosystem of applications based on digital ledger Ethereum that allows programmers to write contracts automatically executing functions.
The programs run on tokens, digital assets granted to users over time, often giving them a say in governance.
Paradigm has accumulated some of the most significant token holdings in the sector by placing early bets on development teams, giving it rights to future distributions.
The fund's assets have reached $10 billion. Paradigm's founders said the world of token-based apps, sometimes referred to as web3, still had more room to grow.
In areas like gaming and music, developers are experimenting with new ways to distribute value to consumers using tokens.
Price Action: COIN shares traded higher by 0.87% at $345.95 on the last check Monday.