Matt Huang

and privacy and individual sovereignty point of view. And it was just the first thing that I really felt was a calling to try to make this happen. So from there, it was intellectually easy that this was the right call, but on relationships and personally, it was hard.

and privacy and individual sovereignty point of view. And it was just the first thing that I really felt was a calling to try to make this happen. So from there, it was intellectually easy that this was the right call, but on relationships and personally, it was hard.

I mean, our founding insight that both Fred and I had around Paradigm, we had a shared belief that crypto would be one of the most important technical and economic trends. We believed that to invest in crypto required being what we call crypto native. And we sought to build that. We didn't actually have a top-down plan.

I mean, our founding insight that both Fred and I had around Paradigm, we had a shared belief that crypto would be one of the most important technical and economic trends. We believed that to invest in crypto required being what we call crypto native. And we sought to build that. We didn't actually have a top-down plan.

What that meant to us was making sure that we had the right group of folks who could navigate that uncertain future. Back to the legible, illegible point. I think crypto, even today, but definitely back then, is a frontier that's extremely illegible. It's hard to understand what is valuable, what will be valuable, to separate noise from signal. It's a deeply technical space.

What that meant to us was making sure that we had the right group of folks who could navigate that uncertain future. Back to the legible, illegible point. I think crypto, even today, but definitely back then, is a frontier that's extremely illegible. It's hard to understand what is valuable, what will be valuable, to separate noise from signal. It's a deeply technical space.

And we knew that hiring investors from central casting was not going to be it. We were lucky with some of our first hires that skewed us in a much more technical direction. And I think today, I would say two primary things that drive us at Paradigm. The first is we think of our mission as advancing the frontier of crypto. We care about investment returns, too.

And we knew that hiring investors from central casting was not going to be it. We were lucky with some of our first hires that skewed us in a much more technical direction. And I think today, I would say two primary things that drive us at Paradigm. The first is we think of our mission as advancing the frontier of crypto. We care about investment returns, too.

But we're not primarily optimizing for that. I think if we advance the frontier of crypto, make crypto work, grow the pie, get a little bit lucky, I think we'll also generate great investment returns. But it's really that first thing of this is an important set of technologies that really needs to exist. We think a lot of value will also be created.

But we're not primarily optimizing for that. I think if we advance the frontier of crypto, make crypto work, grow the pie, get a little bit lucky, I think we'll also generate great investment returns. But it's really that first thing of this is an important set of technologies that really needs to exist. We think a lot of value will also be created.

The second thing is that we try to build a team that embodies being builders, not just investors. Part of this is just aesthetic orientation of, I think both Fred and I liked building things and a lot of the early team do as well. And we're just oriented towards trying to figure out on the technical or product side where the frontier should be going.

The second thing is that we try to build a team that embodies being builders, not just investors. Part of this is just aesthetic orientation of, I think both Fred and I liked building things and a lot of the early team do as well. And we're just oriented towards trying to figure out on the technical or product side where the frontier should be going.

But part of it's also, we think it's one of the best ways to also invest in the space. Perhaps the analogy is somewhat like biotech where It's so technical that you really need subject matter domain experts to understand what's happening. That's not enough on its own because you have to mix that with the commercial sense too.

But part of it's also, we think it's one of the best ways to also invest in the space. Perhaps the analogy is somewhat like biotech where It's so technical that you really need subject matter domain experts to understand what's happening. That's not enough on its own because you have to mix that with the commercial sense too.

But a lot has emerged from thinking of ourselves not just as an investment firm, but as a place that builds products and does research.

But a lot has emerged from thinking of ourselves not just as an investment firm, but as a place that builds products and does research.

When you put it like that, it sounds reckless. I mean, part of the founding idea was to create a vehicle. We didn't even think of ourselves as venture capitalists. We wanted to create a vehicle that was very flexible and could participate in the value that we saw being created in crypto and to contribute to that. And it wasn't always clear what form that would take.

When you put it like that, it sounds reckless. I mean, part of the founding idea was to create a vehicle. We didn't even think of ourselves as venture capitalists. We wanted to create a vehicle that was very flexible and could participate in the value that we saw being created in crypto and to contribute to that. And it wasn't always clear what form that would take.

In the early days of Bitcoin, for example, there's always this question of should you invest in the Bitcoin startup or should you just buy Bitcoin directly? And I think a lot of people got caught in that. The right answer was just do both. But I think it was very important to us to be able to participate across the stack of early stage investments, currencies themselves, tokenized protocols.

In the early days of Bitcoin, for example, there's always this question of should you invest in the Bitcoin startup or should you just buy Bitcoin directly? And I think a lot of people got caught in that. The right answer was just do both. But I think it was very important to us to be able to participate across the stack of early stage investments, currencies themselves, tokenized protocols.