Matt Huang
@matthuang
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cofounder @paradigm
San Francisco, CA
Joined June 2009
Paradigm is looking for EIRs and deep collaborations at the seed/A stage. Bring your own idea, or collaborate on one of ours. Either way, work closely with our investing and research teams to bring a project to life. We currently have the bandwidth for 3-5 of these projects.
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Stocks are worth $100. Print a lot of money, stocks are now worth $200. Tax the unrealized gain of $100. Rinse, repeat.
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Crypto may look like a speculative casino from the outside. But that distracts many from the deeper truth: the casino is a trojan horse with a new financial system hidden inside.
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We are shocked by the revelations about FTX, Alameda, and SBF.
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Crypto/Web3 is the most exciting frontier in technology. Thrilled to announce @Paradigm's new $2.5B fund.
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early days of Web2: “these apps have users, but will they ever make money?”. early days of Web3: “these apps make money, but will they ever have users?”.
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*The Casino on Mars*. It’s useful to think of crypto as a new planet that’s being settled. Skeptics see a desolate planet without purpose. Or worse, a haven for an unsavory casino. Optimists see the planet’s potential: a blank slate on which we can build an upgraded financial
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Paradigm has raised our third fund: an $850M venture fund focused on crypto projects at the earliest stage.
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Two of the most important exponentials of the coming decade:. - % time spent in digital worlds.- % wealth stored in digital assets. Call it crypto, web3, metaverse, etc… but the macro trend is clear.
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It was kind of ridiculous that we removed all mentions of "crypto" from our landing page. That was a mistake. We never left, but we're so back:
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Honored to be joining @patrickc, @collision, and the rest of the Stripe board. Stripe is one of the great companies of our time, and I’m excited to see them invest more energy into crypto/Web3.
We're delighted to welcome @matthuang to Stripe's board of directors.
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Pro: Crypto is now big enough for DC to care. Con: Crypto is now big enough for DC to care.
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Inside of Bitcoin there are two wolves…. The high growth tech asset (with high equities correlation). And the non-sovereign store of value (as a hedge against inflation, instability, autocracy, etc). One wolf is getting stronger by the day….
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@AndrewYang Their biggest mistake was antagonizing the entire crypto community. And this was entirely unnecessary; there wasn't some other constituency they were trying to win points with by doing it.
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The blow-up of FTX has caused some to question crypto’s value. But the issues at FTX are precisely ones that decentralized finance can solve through increased transparency and security. Crises such as this one help to clarify the true merits of what we’re all building towards.
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Imagine being Satoshi about to hit publish on a 9 page whitepaper in 2008… and less than two decades later a major presidential candidate is talking about the USA holding Bitcoin in a “strategic stockpile”.
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Cryptocurrency: highly overrated by insiders, highly underrated by outsiders.
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Excited to announce that Georgios Konstantopoulos has been promoted to General Partner at Paradigm (alongside his role at CTO). @gakonst 🇬🇷🐐.
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Paradigm has never been more dedicated to crypto. When Fred and I started Paradigm five years ago, there was no master plan. What we had was a shared curiosity for the future, deep conviction in crypto, and a desire to advance the frontier of what’s possible. Our best decision.
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So great to celebrate Crypto Ball last night with the industry and our many supporters in tech and DC. As @DavidSacks put well: “The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun”
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Uniswap began as 500 lines of code, and one developer @haydenzadams. Yesterday they reached over $100B in cumulative trading volume. The leverage that entrepreneurs can have in crypto is off the charts
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One of the biggest sources of alpha in crypto is feeling the swell of skepticism and boomer energy rising within and learning to lean through it to the other side… like breathing through the initial pain during a stretch… to consider a new possibility with a beginner’s mind.
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Grateful to all the crazy people willing to work on crypto and freedom tech, despite strong societal taboo to the contrary.
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A lot of crypto nihilism on the timeline. lest we forget that the simple idea of censorship-resistant money is one of the most important ideas for the future of humanity, and at a minimum, that idea is working and scaling beautifully.
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“Maker for BTC” is a good idea.
Permissionless protocol, deposit BTC, borrow stables. Who is building this?.
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Ethereum must accelerate (eth/acc). We contribute to many ecosystems, so this is not about zero-sum competition (ETH vs SOL vs BTC vs etc). It’s good for all of crypto for Ethereum to continue executing and not fall short of its potential.
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In 2001, when I was 13 I sold my first jpg (a Diablo II 1.08 Windforce) for $300+ on Ebay and became forever hooked on digital capitalism. What was your first jpg, anon?
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Dylan Field (@zoink) and I (@matthuang) have an idea for a Neopets-inspired crypto game, and we’re looking for 1-2 people to come build it with us. We have fun ideas for crypto-native game mechanics, and crypto infra has improved to the point of enabling them. Eg: High.
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The reaction to any exponential risk (like COVID-19) is either too early or too late. Hard to time it "just right". If too early, you seem paranoid or alarmist. If too late, you endanger yourself and your community.
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Uma and John have built something special. excited for Paradigm to have led the seed and be doubling down on the series A.
1/ We're excited to announce we've raised $55M led by @Paradigm to make zero knowledge proofs accessible to any developer. Succinct’s Prover Network & SP1 make general-purpose ZK performant and easily deployable w/o complex infra. Let’s build towards an era of truth, not trust.
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Excited to announce @Paradigm’s investment in Citadel Securities alongside our friends at Sequoia. We’re excited to partner with them as they extend their technology and expertise into more markets and asset classes including crypto.
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Paradigm’s equity investment in FTX constituted a small part of our total assets and has now been written down to $0. We never traded on FTX and did not have any assets on the exchange. We have never been investors in related tokens such as FTT, SRM, MAPS, or OXY.
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1/ We haven't shared much about what we're building at Paradigm. This story from @alexrkonrad is a behind the scenes look:.
When Matt Huang and Fred Ehrsam raised $400M for their new fund Paradigm in 2018, they did something bold: put it all into Bitcoin. The trade is already up 3x. But the ex-Sequoia partner and Coinbase cofounder have a bigger goal: bring crypto mainstream.
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integrated vs modular, my coin vs your coin, speculative app vs non speculative app, etc etc are all worthwhile and interesting debates, but by far the most important is still coin vs no coin, and the good news is that the coins are going to win.
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Speculation is the “hello world” of digital property rights. Enable people to create scarce digital things and they will trade them around. It’s naive to think speculation won’t happen, but unimaginative to think that’s all there is.
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It still seems underrated that Bitcoin/crypto is the first political bloc with a native asset, and thus a reflexive feedback loop between price and political influence.
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Stablecoins are crypto's next killer app—obvious to everyone in crypto, less obvious outside. Congrats to Stripe and Bridge!.
Stablecoins are room-temperature superconductors for financial services. Thanks to stablecoins, businesses around the world will benefit from significant speed, coverage, and cost improvements in the coming years. Stripe is going to build the world’s best stablecoin.
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Great conversation between @collision and Munger. Fun bit on crypto:. —. John: [00:32:38] You have been famous for criticizing gold earlier on and now cryptocurrency. Charlie: [00:32:46] I like to gold a lot better than I like cryptocurrency. John: [00:32:49] You've.
The new Poor Charlie’s Almanack launches today. Before Charlie passed, I had the opportunity to sit down and ask the many questions I had for him. I love how much he pulls from business history at every point of this discussion:
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it’s never as bad as it seems during the bear, and it’s never as good as it seems during the bull. worth rereading some classic wisdom from @FEhrsam
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Great to see cross-industry collaboration on Unichain
Introducing @unichain — a new L2 designed for DeFi ✨. Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network. Built to be the home for liquidity across chains
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Extremely bullish for a new era of crypto innovation. Widespread support for crypto from the new administration, Cabinet and regulatory appointments, and throughout Congress. Inspiring to spend the last few days in DC with so many crypto leaders across Bitcoin, Ethereum,
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not attending denver or any travel in coming months, fully heads down. this is a very important year. people should not forget that the #1 priority is shipping, and shipping, and shipping more.
not attending denver or any travel in coming months, fully heads down. this is a very important year. people should not forget that the #1 priority is shipping, and shipping, and shipping more.
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The game theory for traditional assets is to be greedy when others are fearful and to be fearful when others are greedy. The game theory for monetary assets is to get to the coordination point first.
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Excited to be doubling down on Phantom, alongside Sequoia. They’re onboarding a stunning number of new people to the crypto economy.
We're thrilled to share we've raised a $150M Series C at a $3B valuation, co-led by @sequoia and @paradigm. This milestone accelerates our mission to build the world’s biggest and most-trusted consumer finance platform.
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Stablecoin micropayments with your in-browser wallet.
It's not about the money, obviously. It's about how painful the signup process will be, the mental load of having another subscription, and knowing that they'll deliberately make it difficult for me to cancel. If I could click a button to pay to read a story, I'd do it.
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Fred is a deeply original futurist and building Paradigm together has been a wild adventure. Excited for the next chapter in our partnership!.
Update: My role at Paradigm will be shifting from Managing Partner to General Partner. I’ll continue to work with our investing & research teams, work with portfolio companies, and fight for good crypto policy, while focusing less on the day to day management of the firm. I look.
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Consumer crypto is here—enabled by cheap base layer fees and an emerging software stack—and we’re excited to back Privy as an essential part of that stack. @caitlinxyz saw the power of Privy firsthand in her work with FriendTech, and we’re eager to see what creativity Privy can.
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What’s going on?.
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@0xAllen_ web3 created many expectations that crypto-powered apps would replace all web2 companies/apps. (not true). it also inspired an immune response from smart web2 people, who otherwise might have been open minded to the technology.
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Gathering a small dinner in SF Bay Area for people thinking of founding a crypto project (idea or pre-idea stage). Who’s interested? (Link in next tweet).
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if you're a media company still using "on-chain" or "web3" or "blockchain", your content will perform better if you change to "onchain". @CoinDesk @DefiantNews @Blockworks_ @Cointelegraph @decryptmedia what is holding you back from getting more clicks and better engagement?.
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CT is a legitimately dangerous drug with the potential to gigafry your brain. beware getting oneshotted by it.
the deepest alpha I have. this shitty app and many others have compressed everyone's attention span to 3 months or less. I've seen few exceptions. even those who claim to be academics. in looking beyond that, lies life.
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@mlevchin So, I’d posit that crypto is not about bringing real world assets on chain (and certainly not physical ones like homes), but about crypto-native assets that may seem silly today becoming very important in two decades.
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@patrick_oshag @modestproposal1 What are the 2-3 key metrics that management looks at to drive the business?. Tends to surface substance vs vanity metrics, and leading vs lagging indicators.
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Media 1.0: Editor curates (NYT front page).Media 2.0: Friends curate (FB, Twitter, Insta).Media 3.0: Machine curates (Bytedance). FB/Twitter/Insta have adopted algo-feeds to varying degrees, but are still friend-first. Bytedance products are machine-first.
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It’s been inspiring to see the @natfriedman-instigated Vesuvius scroll prize make so much progress. We should keep supporting the next phases to Read All The Scrolls™…. Matching donations up to $100K… just reply here!.
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Excited for Paradigm to be working with the Farcaster team.
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Big news everyone.
after nearly ten years, accepting crypto is back on @stripe, coming this summer. (this time it really works, via stablecoins).
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The Periodic Table of DeFi: what elemental primitives are left to discover?. Some will transfer over from traditional finance. Eg: MakerDAO is a margin loan with automatic liquidation. Others will be wholly new. Eg: Uniswap opened up a broad design space around AMMs.
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Don’t make me tap the sign.
Stocks are worth $100. Print a lot of money, stocks are now worth $200. Tax the unrealized gain of $100. Rinse, repeat.
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Q: What matters most for L2s accruing value back to ETH L1? . - Using ETH as a gas token?.- Using ETH DA rather than Alt DA?.- ETH being used as "money" on the L2 (e.g. for minting NFTs)?.- L2 calling itself ETH-aligned 😬?.- Something else?
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Like a lot of 1-dimensional debates, the answer to whether we need more infra vs apps is that we need more of the right kinds of both.
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Reth: a new Ethereum execution node with blazing fast benchmarks. Congrats to @gakonst and the whole team of contributors
We are excited to release Reth v0.1.0-alpha! 🎉🎉🎉. Reth is a modular, contributor-friendly, and blazing-fast Ethereum node, in Rust, using the Apache/MIT license. Let's unpack what is behind today's release.
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2/ Crypto is a generational opportunity. What the Internet did for information and media, Crypto is doing for money and value.
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Many great candidates for Treasury, but I’d be excited to see Sen. Bill Hagerty in the role. Bitcoin Bill has been a true champion for crypto long before it was popular, and really gets the key issues.
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Strategic Bitcoin Reserve *should* be a bipartisan concept.
Huge missed opportunity for Obama to standardize the US on Bitcoin. #SOTU.
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what if we did both horizontal and vertical scaling. we’ll call it… rectangular scaling
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To that end, we are excited to announce that we have started supporting Anthony Towns' work on Bitcoin Core. Anthony (@ajtowns) has been working on Bitcoin Core since 2017 and has a long history of contributing to open source software (dating back to Debian in 1998).
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(real).
btc cycles . 2009: cypherpunk cycle.2013: early adopter cycle.2017: retail cycle .2021: institutional cycle .2025: sovereign cycle.
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Side project idea: a "disinformation" tracker website that evaluates the truthiness of statements made by politicians (community notes style).
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Beyond the Stripe payments announcement, it might be less known that they already support fiat on-ramp (eg buy ETH w/ credit card on Metamask via Stripe). Even better UX with Stripe Link which pre-fills payment info for those already in network.
Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist and watch the demo (h/t @Solana) from Sessions.
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Announcing the Ithaca project, led by @gakonst.
Crypto needs to move faster. We started @Ithacaxyz to accelerate the frontier, & have raised $20M from @paradigm. We’ve been collaborating with the developer community on some of crypto's hardest problems. Small teams = big impact. The future of crypto will be built together.
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