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Paradigm

548 Market St Pmb 46425, San Francisco, California, 94104, United States

Overview

Paradigm is a research-driven crypto investment firm that funds companies and protocols from their earliest stages, often when there’s no more than an idea. We were founded in 2018 by Matt Huang and Fred Ehrsam on the belief that crypto is driving one of the most important technical and economic shifts of our time, as money, a financial system, and a new internet platform. We’re builders, not just investors. Many of us have worked on tools, protocols, and companies that are now some of the most used in crypto. We build software, much of it open source, that aims to advance the frontier of crypto for everyone. Research is at the core of everything we do. We believe depth is a prerequisite for invention, and that real progress happens at the frontier, not in the boardroom or the ivory tower. We are as likely to collaborate on a research paper or ship code as we are to advise on product or business strategy. If you’re building something ambitious at the frontier, come build with us.

Total investments
100
Lead investments
70
Investments · 12mo
22
Active investors
12

Sector focus

  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Finance
  • Financial Services
  • Venture Capital
  • Web3
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Investment portfolio

  • GTE

    Led · Series A · Aug 2026

    GTE has publicly opened a waitlist and is actively fundraising. The company has secured more than $25 million in total funding, including a $15 million Series A led by Paradigm. Reporting so far focuses on the financing and waitlist launch rather than product specifics or commercial metrics. There are no public disclosures in the provided articles about revenue, users, valuation, founding year, or location. The presence of Paradigm as Series A lead has been highlighted in coverage. The articles do not describe concrete future plans beyond the waitlist announcement.

  • idler

    Led · Seed · Aug 2026

    idler develops datasets, evals, benchmarks, and reinforcement learning environments aimed at frontier AI labs. The company released ShelfLife, a public benchmark built as a digital twin seeded with operational data from a live, profitable multi-brand retailer (9 stores, 3 commerce platforms, and multi-supplier sourcing). idler plans to use its recently raised $9M seed to expand those evaluation and training assets and to hire additional staff. The team positions its benchmarks and environments as tools used by leading frontier labs to train and measure models. No revenue, user, or other operating metrics were disclosed in the announcement.

  • Antares

    Led · Series C · Jul 2026

    Antares develops small modular reactors capable of producing roughly 100 kilowatts to 1 megawatt of electricity and designs its reactors to use TRISO fuel, which encapsulates uranium in carbon and ceramic shells. Its Mark-0 demonstration reactor reached criticality on June 4 at the Idaho National Laboratory. Antares is a finalist in the Pentagon’s Advanced Nuclear Power for Installations program and is pursuing deployments on Air Force bases in Colorado and Montana. The company plans to bring its first electricity-producing reactor online next year and targets military deployments in 2028. Financially, Antares has raised a total of $604 million to date, including a $96 million Series B in December and the $470 million Series C. The broader advanced nuclear sector faces challenges such as an immature U.S. supply chain and near-term cost competitiveness concerns; Lazard estimates new SMRs could cost about $214 per megawatt-hour, and Antares has not disclosed pricing.

  • M1X Global

    Led · Seed · Jul 2026

    M1X Global operates a tokenized sovereign debt platform in partnership with the government of the Republic of the Marshall Islands. Its flagship instrument, USDM1, is a USD-backed sovereign debt instrument issued in partnership with the Marshall Islands, collateralized by short-term U.S. Treasuries and governed by New York law. The company issues programmable sovereign bonds natively on blockchain infrastructure and leverages the country's unique legal and economic relationship with the United States. M1X Global frames its operations as a public-private partnership and focuses on institutional adoption of its tokenized assets. The firm announced a $5.5 million seed raise led by Paradigm to support scaling and market adoption initiatives.

  • Morpho Labs

    Led · Equity · Jun 2026

    Morpho Labs operates a decentralized lending and borrowing protocol that aggregates markets and allows users to create their own on-chain lending markets with bespoke risk parameters. The protocol had about $6.6 billion in assets locked and counts customers and integrators such as Coinbase, Kraken, Anchorage Digital, and Galaxy Digital. Morpho was initially built on top of Aave before evolving into a distinct protocol that seeks to compete with incumbents by offering customizable markets and higher yields. The team includes cofounder Paul Frambot, who launched the project at age 20, alongside Merlin Egalite, Julien Thomas, and Mathis Gontier Delaunay. Morpho has experienced some security exposure tied to a broader exploit that affected Aave but has continued to grow adoption. The company has signaled plans to court traditional financial institutions as it further develops its protocol and market reach.

Team