Prominent crypto platform Paradigm is apparently broadening its investment emphasis to include a wider spectrum of emerging technologies beyond crypto and blockchain.
According to the subtle adjustments Paradigm has made to its website, it may be considering including artificial intelligence (AI) in its investment basket.
Paradigm Shifts Focus
The community quickly noticed that Paradigm had altered the website’s description. The archived version of the page mentions Paradigm as an investment firm actively supporting disruptive crypto/Web3 companies and protocols. It touches upon its financial backing for these businesses in the range of $1 million to over $100 million.
Additionally, Paradigm previously stated that it expects crypto to be a game-changing technology for the ensuing decades. It compared crypto to the internet of the ’90s. The company now describes itself as a “research-driven technology investment firm” focusing on supporting numerous businesses and protocols.
AI Consumes FinTech Market
The change comes at a time when artificial intelligence (AI) is also profoundly impacting the cryptocurrency business. With the crypto industry facing issues following the FTX collapse, launches like ChatGPT are emerging as a promising technology trend.
News reports had emerged after the bankruptcy that former FTX boss Sam Bankman-Fried had invested $20 million in a venture capital fund managed by Paradigm. The fund called Paradigm One also reportedly invested in FTX and FTX US exchanges.
Although the investment itself was not under investigation, the industry is displaying a change in attitude. According to CNBC, JPMorgan Chase is creating a software program to aid financial investing comparable to ChatGPT.
CoinShares reports $232 million in withdrawals over the course of five weeks as the crypto market’s slump continues after a short recovery. According to CoinGecko data at press time, the total market cap of all cryptocurrencies is $1.16 trillion. This is a 62% drop from the peak of $3.04 trillion made in 2021.
However, recent media reports also emphasized the growth of cryptocurrencies with an AI theme due to Nvidia’s increased demand for AI-related chips. According to CNBC, blockchain-based AI projects that aim to transform numerous industries have witnessed progress.
The paper also mentions that experts believe the marriage of blockchain and AI technology can benefit the sector. BeInCrypto recently reported that VC interest in AI is anticipated to remain high in 2023, indicating that more AI businesses will probably be able to raise money.
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