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Paradigm has closed a $35 million Series A round co-led by Alameda Ventures and Jump Capital, bringing its valuation to $400 million, the institutional liquidity network announced Thursday.
Other investors include Genesis Trading, QCP Capital, Nexo, Optiver US, IMC, GSR Markets, Akuna Capital, Babel Finance, MGNR, Avon Ventures, CMT Digital, executives at Goldentree Asset Management and Amber Group.
Investors from previous seed rounds Dragonfly Capital, Digital Currency Group, Vectr Fintech Partners and Mirana Ventures, Venture Partner of Bybit and BitDAO also participated.
“This funding round allows us to continue building out our network of institutional traders, CeFi exchanges, and DeFi protocols, while also enhancing our 24/7 customer support, and expanding upon our current product offerings to better accommodate the needs of our clients,” Anand Gomes, Paradigm’s co-founder and CEO said in a statement.
Paradigm’s network is for derivatives traders across centralized finance and DeFi. It works with about 600 institutions and has increased trading volume on its network by 1,300% year-over-year to $10 billion in total volume traded per month, it said.
“We are super excited to be working with all our new investors, most of whom are already clients of Paradigm,” Gomes told Blockworks. “These strategic partnerships will help us accelerate our growth towards our goal of becoming the largest institutional liquidity network in crypto,” Gomes said.
Last month, the firm launched a $2.5 billion venture fund, which will be used to “continue investing in the next generation of crypto companies and protocols.” The fund will also operate alongside Paradigm’s existing flagship fund, the co-founders said at the time.
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