Paradigm — a player in the crypto derivatives market — is the latest digital asset trading firm to tap into the wave of capital pouring into the market.
On Thursday, the firm announced the close of a funding round that values it at $400 million.
Launched in 2019, Paradigm provides a platform for dealers and market makers to execute large trades in options and futures to settle across a wide-range of venues. As per Thursday’s announcement, the firm has raised $35 million in a funding round led by crypto trading giants Jump Capital and Alameda Research.
In total, 25 investors participated in the Series A, including clients such as GSR Markets, Genesis Trading and QCP Capital. A number of Wall Street firms also joined Paradigm’s cap table, including Fidelity Digital Assets, IMC, and Optiver.
Paradigm isn’t alone. Financial services firms and exchanges like FalconX and Gemini have nabbed hefty valuations in recent fundraises. NFT firm RECUR clinched a $333 million valuation in it
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