Paradigm Challenges SEC’s Authority in Lawsuit Against Binance

On September 29, 2023, Paradigm filed an amicus brief in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Binance, a leading cryptocurrency exchange. Paradigm is not an investor in Binance and has no direct financial interest in the lawsuit’s outcome. However, the firm believes that the SEC’s actions represent a form of government overreach that could have significant implications for the broader financial and crypto markets.

The SEC initiated legal action against Binance in June 2023, accusing the exchange of multiple violations of securities laws. These include operating without the necessary licenses and registrations as an exchange, broker-dealer, or clearing agency. The SEC’s investigation into Binance began in May 2023. In its amicus brief, Paradigm argues that the SEC is attempting to change existing laws without adhering to the established rulemaking process, thereby acting outside its regulatory scope.

Paradigm’s brief raises several critical points that challenge the SEC’s interpretation of securities law. The firm argues that the SEC’s expansive interpretation of “investment contract” could bring a wide range of asset sales under the purview of securities laws. Paradigm also highlights flaws in the SEC’s application of the Howey test, a legal standard used to determine what constitutes a security.

Circle, a stablecoin services company specializing in blockchain technology, has also been brought into the legal battle between Binance and the SEC as well. Circle argues that stablecoins, a type of cryptocurrency designed to maintain a stable value, should not be treated as securities, adding another dimension to the ongoing case.

Paradigm emphasizes that regulatory gaps do exist in the crypto sector and that it is Congress’s responsibility to fill these gaps. This perspective aligns with SEC Chair Gary Gensler’s Congressional testimony, where he acknowledged the SEC’s limitations in regulating crypto secondary markets.

Paradigm’s amicus brief serves as a significant counterpoint to the SEC’s actions against Binance and other crypto exchanges. By challenging the SEC’s authority and interpretation of securities law, Paradigm adds a layer of complexity to an already intricate legal landscape. The firm’s stance could potentially influence how securities laws are applied to the crypto industry in the future.

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Decoding Paradigm’s Vision: Cryptocurrency as the Next Tech Revolution

Key Takeaways

Paradigm’s recent article discusses the growing adoption and potential of cryptocurrency.

Matt Huang, co-founder of Paradigm, uses the metaphor of a “new planet” to describe the crypto landscape.

Crypto KOL Splin Teron offers an analysis of Paradigm’s perspective on cryptocurrency.

Paradigm’s View on Cryptocurrency

Paradigm, a leading crypto-focused investment firm, recently published an article that has garnered attention in the crypto community. The article explores the adoption and potential of cryptocurrency, a subject that has been gaining increasing attention, according to crypto KOL Splin Teron.

Matt Huang’s Metaphor: “Crypto as a New Planet”

Matt Huang, co-founder of Paradigm, contributed to the discourse with a tweet on September 21. He likened the crypto space to a “new planet that’s being settled,” capturing the essence of both skepticism and optimism surrounding the technology.

Splin Teron: A Crypto KOL Weighs In

Splin Teron, a key opinion leader (KOL) in the cryptocurrency community, recently analyzed Paradigm’s stance on the future of cryptocurrency. On September 26, Teron took to Twitter to discuss how cryptocurrency is poised to be the next technological revolution, akin to the internet’s transformative impact.

Influencers to Watch

In his Twitter thread, Splin Teron also recommended a list of crypto influencers to follow for diverse insights into the crypto ecosystem. These influencers range from @0xGGreen to @eli5_defi and are known for their expertise and contributions to the field.

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Breaking: Coinbase, a16z, and Ledger Back New Texas Alliance Advocating for Clear Digital Asset Regulations

As the federal government grapples with establishing clear guidelines for digital assets, Texas emerges as a potential frontrunner in the crypto regulatory landscape. Today marks the launch of the Crypto Freedom Alliance of Texas, an entity committed to advocating for transparent and consistent digital asset regulations in the state.

Major Industry Players Rally Behind the Alliance

The Alliance isn’t a standalone endeavor. It boasts the backing of some of the crypto and blockchain industry’s most recognized names, including a16z crypto, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm. This coalition, rich in technical and legal expertise, underscores the significance and potential impact of the Alliance’s mission.

A Proactive Stance in the Face of Federal Inertia

The federal government’s challenges in passing clear digital asset legislation present states with a unique opportunity. Texas, with its history of fostering innovation, is well-positioned to lead. The Alliance aims to be a cornerstone for regulators and industry stakeholders in Texas, offering insights and guidance on the rapidly evolving world of digital assets.

Kinjal Shah, Chair of the Crypto Freedom Alliance of Texas and General Partner at Blockchain Capital, emphasized the state’s potential role.

In the face of federal inaction, Texas has the opportunity to lead with policies that not only safeguard consumers and investors but also catalyze innovation,

Shah remarked.

Alliance’s Pillars: Regulation, Collaboration, Education, and Innovation

The Alliance’s objectives are clear-cut:

Transparent Regulation: At its core, the Alliance seeks to develop clear and predictable regulations for digital assets in Texas. The goal is to strike a balance – fostering innovation while ensuring consumer protection.

Stakeholder Collaboration: Recognizing the multifaceted nature of the digital asset space, the Alliance is dedicated to promoting dialogue and cooperation among regulators, consumers, and industry participants.

Education as a Catalyst: The Alliance believes in the power of education to shape favorable crypto policies. Targeted initiatives aim to enlighten a spectrum of audiences, from government officials to nonprofits, about the potential of Web3 technologies.

Championing Blockchain Ventures: Beyond regulations, the Alliance is committed to nurturing the blockchain ecosystem. Through mentorship and educational endeavors, the goal is to bolster the growth of startups and entrepreneurs in the crypto domain.

With its launch, the Alliance is poised for growth, eyeing an expanded membership and a more influential role in the Texas legislative process. An official launch event is slated for September 12 in Austin.

About the Crypto Freedom Alliance of Texas

A 501(c)6 non-profit, the Crypto Freedom Alliance of Texas champions transparent digital asset regulations in Texas. Its foundation is strengthened by the support of industry leaders like a16z crypto, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Paradigm: Onchain Gaming’s Transformative Potential in the Broader Landscape

According to Paradigm,the gaming realm stands at the brink of a significant transformation, as the convergence of blockchain technology and gaming unveils numerous prospects and hurdles. A fresh piece from offers an in-depth exploration of onchain gaming and its possible ripple effects throughout the gaming landscape.

The Inspiration Behind Onchain Games

The concept of integrating blockchain technology into gaming isn’t new. Ethereum’s creator, Vitalik Buterin, was inspired to create the platform after Blizzard made changes to his World of Warcraft class. The incident highlighted the vulnerabilities of centralized gaming platforms and the potential benefits of decentralized alternatives.

Why Onchain?

The primary question is: Why should games be on a blockchain? The article suggests two main reasons:

Composable Modding: Onchain games allow players to add modifications without fragmenting their state or seeking permission. This is in stark contrast to traditional games, which aren’t structured to support such flexibility.

Permissionless Open Economies: Onchain games can leverage smart contracts to create intricate in-game economies. Players have full control over their assets, eliminating compliance issues associated with off-ramping assets or exchanging in-game goods for fiat currency.

Challenges Ahead

While the potential is vast, onchain games face significant hurdles:

Technical Constraints: Current blockchain infrastructure, especially the Ethereum Virtual Machine (EVM), is not optimized for complex game development. High costs and scalability issues further compound the problem. However, initiatives like Lattice and Dojo are working on game-specific infrastructure to address these challenges.

Game Design Limitations: Permissionless blockchains introduce challenges like incomplete information, automation & collusion, and asynchronous transaction-driven mechanics, which can hinder traditional game design.

Financialization Pressures: The inherently financial nature of blockchains can introduce unintended economic incentives that may distort gameplay. Designing games that can harness these pressures without being overwhelmed by them is a significant challenge.

The Future of Onchain Games

The article raises a thought-provoking question: Should games be fully onchain? While onchain games offer unique advantages, they might not be the optimal solution. Hybrid models, combining offchain game infrastructure with onchain assets and DeFi interoperability, might be more practical.


The world of onchain gaming is still in its infancy, filled with both promise and challenges. While the road ahead is uncertain, the exploration of this frontier could lead to innovations that reshape the gaming industry.

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Crypto Investment Firm Paradigm Welcomes New Government Affairs Lead Alex Grieve

On July 17, 2023, Alex Grieve, a veteran in the intersection of politics and financial policy, announced his new role as the Government Affairs Lead at Paradigm, a leading investment firm in the crypto industry.

Grieve has a wealth of experience from his decade-long career in Washington, DC, starting with his tenure under Speaker of the House John Boehner, and later at the Depository Trust and Clearing Corporation (DTCC).

Grieve’s journey into the crypto world began in 2017 when he bought his first Bitcoin and Ethereum on Coinbase. His interest in the sector deepened as DTCC explored blockchain-based settlement, leading him to be among the first in Washington, DC, to educate Hill staffers about blockchains and digital assets.

Prior to joining Paradigm, Grieve spent two years at Tiger Hill Partners, a regulatory advisory firm, where he helped build the crypto practice. His work involved collaborating with prominent firms such as Coinbase, Polygon Labs, and BitGo, as well as trade associations like the Proof of Stake Alliance.

Grieve’s appointment comes at a pivotal time for US crypto policy, with multiple bills addressing various aspects of the industry, from stablecoins to market structure, currently under consideration on Capitol Hill. His role at Paradigm will involve promoting crypto’s policy priorities in Washington, leveraging the firm’s resources and commitment to supporting innovation and entrepreneurship in the crypto industry.

Paradigm, known for its active support of disruptive crypto/Web3 companies and protocols, has recently broadened its investment focus to include a wider spectrum of emerging technologies beyond crypto and blockchain. The firm now describes itself as a “research-driven technology investment firm” focusing on supporting numerous businesses and protocols, potentially including artificial intelligence (AI).

This shift comes at a time when AI is profoundly impacting the cryptocurrency business, with blockchain-based AI projects witnessing progress across various industries.

At Paradigm, Grieve joins a team of experts, including Rodrigo Seira, Dominique Little, Brendan Malone, Justin Slaughter, and Katie Biber, Paradigm’s Chief Legal Officer. Together, they aim to navigate the complex landscape of fintech and crypto regulation, advocating for crypto-friendly policies in Washington.

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EDX Markets Debuts Cryptocurrency Trading Platform and Wraps Up Latest Investment Round

In a key milestone, EDX Markets has successfully kick-started its cryptocurrency trading operations and completed a fresh funding round. Based in Hoboken, New Jersey, EDX has been established as a trusted marketplace for digital assets, promoting safe and compliant trading through reliable intermediaries.

EDX has garnered the attention of major financial institutions, becoming the preferred cryptocurrency marketplace for industry leaders. The platform stands out with its non-custodial model designed to prevent conflicts of interest. It also offers benefits like enhanced liquidity, competitive quotes, and a retail-only quote, giving retail-originated orders a better pricing advantage. Currently, EDX supports the trading of well-known cryptocurrencies (mainly POW), including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Another milestone is on the horizon for EDX. Later this year, it plans to launch a clearinghouse, EDX Clearing, which will settle trades matched on EDX Markets. The clearinghouse will function as a central counterparty for trades, reducing settlement risks, promoting price competition, and increasing operational efficiency.

The launch of EDX and the forthcoming EDX Clearing comes on the heels of a successful new funding round. The round saw participation from strategic investors such as Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology. These firms join the platform’s founding investors, including heavyweights like Charles Schwab, Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital, and Virtu Financial. The newly secured funding will bolster the ongoing development of EDX’s trading platform and strengthen its market leadership position.

Jamil Nazarali, CEO of EDX, expressed his confidence in the platform’s potential and its ability to attract investors. He stressed EDX’s commitment to incorporating the best practices from traditional finance into the cryptocurrency market and hinted at the significant edge EDX Clearing will provide by improving competition and operational efficiency.


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Fractional Rebrands to Tessera after Raising $20m from Paradigm

Fractional, a Non-Fungible Token (NFT) based platform, has rebranded its name to Tessera and raised $20 million as it is pursuing avenues to re-affirm its foothold in the digital collectable world.


Tessera, as the startup is now renamed, said the funding round was led by Paradigm, with participation from Focus Labs, Uniswap Labs Ventures, E Girl Capital, and Yunt Capital. Additionally, the funding round was backed by about 50 Angel Investors, the majority of whom have deep expertise in the Decentralized Finance (DeFi) and NFT worlds. 

As highlighted by Tessera founder and CEO Andy Chorlian, these angel investors will be very instrumental in giving the right feedback and suggestions to improve the protocol.

Tessera’s business model primarily revolves around the splitting of NFTs such that users can earn a royalty on the parts they give out for rent. There are many use cases attached to this, but in all, it prevents users from parting ways with their digital collectable prematurely. 

With the new capital injection, Chorlian said it plans to develop a new protocol that will help sustain the integrity of the fractionalized NFTs.  

The funding will also be deployed into adding more staff to the 24 persons it currently works with. According to Chorlian, these new hands will span marketing, engineering, and other divisions that are needed for the platform to maintain a healthy brand and enhance product recognition. 

In all, Tessera will work towards simplifying its processes such that users can have better experiences using the protocol.

“It was a really, really big barrier for a lot of our users, who are just so used to trading NFTs on OpenSea or any of these other marketplaces, and that level of education and trying to explain how all this works was just a step too far for a lot of people,” Chorlian told Fortune.

NFT-focused platforms are of particular interest to investors, a trend provable with the previous capital injections received by Magic Eden and OpenSea in the past year.

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Cryptocurrency Wallet Phantom Marks $1.2 Billion Valuation Amid Recent Funding Round

Investments in cryptocurrency are incomplete without a crypto wallet to store your assets. A good crypto wallet will house your coins and provide adequate security that will be pretty difficult for external invasion. The wallet could be either online or offline storage.

Due to its relevance, several crypto exchanges offer their customers their online crypto wallet services. This means that if you intend to use such wallets, you won’t have to move your tokens from the exchange platform.

Additionally, some crypto networks now have wallets that customers could use, of which Phantom wallet from the Solana network is one of them.

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With the increasing activities and growth of DeFi operations on Solana, there is a need for the network’s wallet. Moreover, it forms an excellent synchronization to the meteoric rise of the blockchain as Solana now has more than $15 billion in assets under its control.

Related Reading | Bitcoin Sees Poor Demand As Investors Try to Defend $37K, Is BTC In Trouble?

This will help customers to interact with the DeFi ecosystem through its numerous provisions fully. In addition, Phantom creates a unique integration of Solana’s nascent DEXs, liquidity pools, and even lending protocol.

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The recent funding round of Phantom raised the market cap of the wallet to $1.2 billion. This new height of Phantom came with the addition of $109 million from the recently concluded Series B funding round.

Paradigm, a crypto venture capital firm, led the financing round to its enormous success. The power of Phantom’s height has changed the wallet’s status to a crypto unicorn company.

Cryptocurrency Wallet Phantom Plans To Launch IOS Application

On Monday, Phantom released an official blog post outlining how the generated funds will be utilized to improve the wallet’s technical capacity.

The deployment will enhance multiple blockchain security, boost customers’ experience, and assist users in uncovering decentralized applications. Also, it will help in the wallet team’s expansion with more growth in its customer base.

Besides Paradigm as the pioneer of the funding round, the top investors contributed to its success. Variant, Andreessen Horowitz (a16z), Jump Capital, and Solana Ventures.

Furthermore, there will be a launch of the iOS mobile app of the Phantom wallet. According to Phantom’s announcement last November, the launching of a mobile application will facilitate the rapid growth of the Solana network.

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Users will get the proper support to seamlessly execute their transactions at any location. They could send, receive, and store tokens and NFTs. Also, they could join in the staking of SOL coins.

Additionally, Phantom bears the plan of launching its Android wallet within the year. It mentioned that this latter move would boost its mission of empowering its customer base. Also, it will offer unique opportunities for innovating on security and safety.

Related Reading | TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $38K

Presently, Phantom has more than 2 million active users daily. It has over 12.4 million staked SOL tokens worth $10.4 billion. Its swapped tokens are about $1.37 billion and have executed 55.2 million DeFi, NFT and app transactions.

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Solana’s Wallet Phantom has Secured a $109M Series B Investment Led by Paradigm

Solana’s wallet Phantom has secured a $109 million Series B investment led by cryptocurrency firm Paradigm.

Wallet, as the most critical user touchpoint, acts as a gateway for exchanges and smart contracts. Phantom is valued at $1.2 billion after this round of financing, which officially made Phantom a unicorn.

A unicorn is a technology startup that has been established in less than 10 years but is valued at more than $1 billion and has not been listed on the stock market.

Six months ago, Phantom received a $9 million Series A funding round led by Andreessen Horowitz, 

CEO Brandon Millman noted that the company has been getting about 100,000 users on a weekly basis.

The company also said it is launching an iOS app and will release an Android native app in the coming months

Brandon Millman expressed an eagerness to move to open source but said it was difficult to prioritize.

He said that:

“Once it’s open-source, there’s this implicit expectation around responding to people who are leaving issues on the GitHub repo, people who are submitting pull requests, wanting to get features into the wallet,” he said. “We don’t want to start doing those things quite yet.”

The next goal for Phantom is to develop multi-chain compatibility and add support for another blockchain outside of the Solana ecosystem in its wallet.

Multi-chain will provide users with more investment opportunities.

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Phantom Releases iOS App, Announces $109M in New Funding

Key Takeaways

  • The Solana-based wallet Phantom has raised $109 million for a $1.2 billion valuation.
  • The Series B round was led by Paradigm, and represents a 12-fold increase in funding since Phantom’s last raise.
  • Phantom also announced the launch of its iOS app today.

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Phantom has raised $109 million in a Series B funding round led by Paradigm, putting the Solana-based wallet’s valuation at $1.2 billion. It has also announced the release of its iOS app, available today.

A Nine-Figure Raise

Phantom, Solana’s most popular wallet application, has reason to celebrate today.

Phantom announced today that it has achieved a $1.2 billion valuation upon raising $109 million in a Paradigm-led Series B funding round. The funds will be used for further hiring, cross-platform expansion, and application discovery. 

Moreover, Phantom has announced that its iOS app is publicly available as of today. In addition to gaining access to applications on Solana’s network, users of Phantom’s iOS app can manage and display their NFTs as well as stake the SOL token with network validators, thereby earning yield while helping secure the network. The wallet has already been used to stake over 112 million SOL.

Phantom’s beta launched last March, becoming open to all in July. The wallet already has more than 1.8 million monthly active users. This rapid growth has likely been facilitated by the concurrent rapid growth in the Solana ecosystem. Last year, from March to November, the network’s total value locked similarly saw roughly 100-fold growth, from around $150 million to $15 billion, though that number has now nearly halved as of today, according to DeFi Llama.

On the growth of Phantom, CEO Brandon Millman called the wallet “a Web3 wallet for the masses.”

The leader of the Series B round, venture capital firm Paradigm, launched the crypto industry’s record fund of $2.5 billion last November, though that record may soon be passed if Andreessen Horowitz succeeds in its target $4.5 billion raise this quarter. 

The nine-figure raise announced by Phantom today represents an approximate 12-fold increase from its fundraise of $9 million in July 2021. 

In preparation of today’s iOS launch, the Phantom team dealt with some community pushback last month when it announced that its beta would be made available to those who bought one of its 7,000 auctioned NFTs. It backtracked on those plans that same day. 

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.

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