A $470M Series C from Paradigm in mid-2026 signals crypto infrastructure is still attracting mega-rounds despite macro uncertainty—this isn't a hot new category, it's consolidation around proven builders. At this stage and size, Antares is likely scaling go-to-market, hiring engineering depth, or acquiring complementary tech rather than proving product-market fit. If you're building in adjacent crypto rails (settlement, bridging, sequencing), watch whether Paradigm's check size holds steady or contracts—it's a barometer for whether infrastructure VCs still believe in the narrative.
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