Paradigm invests $13.5 million in Brazilian stablecoin startup Crown

According to The Block, cryptocurrency venture capital firm Paradigm announced in a statement on Monday that it has invested $13.5 million in the Series A funding round of stablecoin startup Crown, which is valued at $90 million.

Notably, this is Paradigm's first investment in the Brazilian market. Ricardo de Arruda, Paradigm's investment and research partner and a Brazilian national, stated that Crown's leadership team and their past experience in fintech and institutional client services were significant factors in Paradigm's decision to make this its first investment in Brazil.

Crown is the issuer of the BRLV stablecoin, which is pegged to the Brazilian real (BRL). Crown claims that its token has become the largest emerging market stablecoin globally. The BRLV is fully backed by Brazilian government bonds.