Paradigm Raises $1.2 Billion in Shift From Crypto to AI

Cryptocurrency-focused venture capital firm Paradigm raised $1.2 billion in a new fund to invest in spaces like artificial intelligence and robotics, Bloomberg News reported Wednesday (July 8). “Crypto was the first frontier for us, and it continues to be a really exciting one,” managing partner Alana Palmedo said, per the report. “But there’s so much else happening right now that’s pretty hard to ignore.” The crypto market has been struggling, the report said.