Exclusive: Crypto investment firm paradigm led the $7 million funding round for new optimismFND-based crypto infrastructure startup conduitxyz. BrandyBetz reports
has emerged from stealth with a $7 million seed funding round led by blockchain-focused investment giant Paradigm.
The new capital will help Conduit continue its first product launch and toward its goal of achieving profitability, Conduit founder Andrew Huang told CoinDesk in an interview.then-record $2.5 billion for a new fund during the tail end of the bear market in Nov. 2021, which has since been topped by Andreessen Horowitz. Conduit has close ties to Paradigm – Andrew Huang is the brother of Paradigm co-founder and managing partner Matt Huang, who recused himself from the investment process. Andrew Huang also spent eight weeks as an entrepreneur in residence at the firm.
Conduit’s first product was created in conjunction with Optimism , a layer 2 blockchain network that offers optimistic rollups - a way of bundling transactions to reduce fees and traffic congestion while maintaining the underlying security of Ethereum. Conduit offers a managed service that helps developers easily and quickly deploy their applications to Optimism.
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