Crypto-focused venture firm Paradigm announced it has raised $850 million for a third fund focused on investing in crypto.

"When we founded Paradigm in 2018, we believed that crypto would be one of the most important technical and economic shifts of the coming decades. Six years later, that belief has only gotten stronger," the firm said Thursday in a statement.

In April, Paradigm was in talks with investors about raising $850 million for a fund. In 2021, Paradigm set up a $2.5 billion venture fund to support crypto companies and protocols.

Paradigm has recently led fundraising rounds for different crypto startups, like a $55 million round for the zero-knowledge proofs startup Succinct Labs in March. It also participated in an $18 million Series A for the web3 infrastructure …