The New York venture firm made its name arguing that internet users should become owners. Its new $222 million fund stretches that idea into a broader test: does the technology give people more agency, or merely automate them?
UDHC is betting that decentralized finance will not replace the old system. It will quietly connect to it - with better plumbing, clearer rules and products ordinary customers can use.
Most venture firms study a company before writing a check. DBA keeps studying after it invests - then publishes the homework for everyone to argue with.
Most venture firms wire the money and wait. Paradigm wires the money and then builds the developer tools its founders use to ship.