Paradigm Seeks to Raise Up To $850M For New Fund

Hi NoRamp Community,

Daily News:

1) Bitfinex Launches First Volatility-Based BTC and ETH Futures Contracts

2) Web3 Ride-Hailing App DRIFE to Integrate with Layer 1 Sui Blockchain

3) Paradigm Seeks to Raise Up To $850M For New Fund

4) iCapital Set to Acquire Investment Data Firm Mirador

5) Compliance Tech Leader Formalize Announces €15M Series A

Bitfinex Launches 1st Volatility-Based BTC and ETH Futures Contracts:

• Bitfinex Derivatives is launching two new perpetual futures contracts focusing on implied volatility for Bitcoin (BVIVF0:USTF0) and Ethereum (EVIVF0:USTF0), enabling traders to speculate on future price movements and market sentiment without directly trading the underlying assets.

• These contracts, based on the Volmex Implied Volatility indices, track the 30-day expected volatility of Bitcoin and Ethereum, offering a novel way for traders to gain exposure to market sentiment with up to 20x leverage, amplifying potential profits or losses.

• The BVIVF0:USTF0 and EVIVF0:USTF0 contracts will be available for trading on Bitfinex Derivatives starting April 3rd, 2024, but US customers are restricted from holding a derivatives account on the exchange due to its terms of service.

Web3 Ride-Hailing App DRIFE to Integrate with Layer 1 Sui Blockchain:

• DRIFE, a decentralized taxi app operating in India and the UAE, has integrated with the Layer 1 Sui blockchain to enhance its ride-hailing service with seamless user onboarding, leveraging Sui's ZKlogin for frictionless user interaction.

• The integration aims to eliminate intermediaries in the ride-hailing process, enabling direct transactions between riders and drivers, and leveraging Sui's scalability, security, and cost-effectiveness to support DRIFE's growth and real-time service delivery.

• DRIFE's founder, Firdosh Sheikh, believes that blockchain-based ride-hailing platforms can revolutionize the industry by restoring trust between drivers and riders through immutable transactions, reducing operational costs, and leveraging tokenization and incentive mechanisms for user rewards and stakeholder empowerment.

  

  Source: Blockworks

Paradigm Seeks to Raise Up To $850M For New Fund:

• Paradigm, a prominent crypto investment firm, is reportedly in discussions to raise between $750 to $850 million for a new fund, according to Bloomberg. If successful, this would be the largest fund raised in the crypto sector since the market crash in 2022.

• The firm previously raised a $2.5 billion fund in 2021 before the Terra stablecoin depegging and the FTX collapse. Paradigm continues to invest actively in the crypto space, leading a $55 million Series A seed round for Succinct last month.

• Co-founder Fred Ehrsam transitioned from managing partner to general partner last year, with Matt Huang assuming a greater leadership role. Paradigm has been involved in significant events in the crypto world, including investing $278 million in FTX and FTX.US and launching a public policy arm to guide policymaking in the US.

iCapital Set to Acquire Investment Data Firm Mirador":

• iCapital, an alternative investment fintech, has agreed to acquire Mirador, an investment data firm based in Stamford, USA. Mirador specializes in consolidated financial reporting, private investment support, alternative investment data management, and K-1 document and compensation management.

• Over 180 employees from Mirador will join iCapital upon the closure of the acquisition. The deal is expected to expand iCapital's data management and reporting capabilities, enhancing the technology experience for its users.

• iCapital aims to democratize access to alternative investments for high-net-worth individuals, financial advisors, and institutions. It provides investment management tools, enterprise solutions, education, and analytics to streamline and scale alternative investments operational infrastructure. Further details of the acquisition, including the closing date and financial terms, have not been disclosed.

Compliance Tech Leader Formalize Announces €15M Series A:

• Formalize, formerly Whistleblower Software, has secured €15m in Series A funding led by BlackFin Tech to enhance its compliance operations platform and expand its reach in the EU compliance tech sector.

• The platform automates and streamlines compliance processes for businesses, addressing regulations like GDPR, NIS2, ISO27001, and SOC2, aiming to reduce the complexity and labor intensity of regulatory adherence.

• Since its last investment in November 2022, Formalize has experienced significant growth, with its whistleblower platform serving over five million employees globally through partnerships with major consultancies, positioning the company as a leader in the European compliance software market.

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