Crypto infrastructure startup Conduit 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.

Paradigm is one of the titans of the crypto venture capital industry, raising a 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.

(by Aoyon Ashraf)