Paradigm Leads $7M Round for Optimism-Based Startup Conduit

The newly announced startup will help developers launch Optimism-based applications.

AccessTimeIconMar 28, 2023 at 3:00 p.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Conduit’s first product was created in conjunction with Optimism (OP), a layer 2 blockchain network that offers optimistic rollups - a way of bundling transactions to reduce fees and traffic congestion while maintaining the underlying security of Ethereum. Conduit offers a managed service that helps developers easily and quickly deploy their applications to Optimism. Conduit and the Optimism Foundation will work together to support developers launching apps on the chain and transition to its forthcoming Superchain blockchain network.

Conduit’s target customers includes decentralized finance (DeFi) protocols, game companies and non-fungible token (NFt) platforms, to name a few. Teams that launch rollups with Conduit are eligible to earn a share of certain fees and financial rewards.

Edited by Aoyon Ashraf.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.