Paradigm Leads $7.1M Seed Round for Attention Market Startup Noise

The venture fund Paradigm has led a $7.1 million seed funding round for the New York-based startup Noise. This project positions itself as a platform for "attention markets," where users can bet on whether certain trends, brands, or narratives will remain relevant in social media. Unlike traditional prediction markets like Polymarket, where bets are placed on binary events (yes/no), Noise offers continuous trading that combines elements of Google Trends with prediction market mechanics. This allows for real-time evaluation of the cultural significance of ideas, using data from social networks and trader activity.

According to the announcement, Noise has already launched a beta version on the testnet in May 2025, where over 1,300 users traded on 14 attention markets related to crypto narratives. The testnet results showed 62% monthly user retention and an average session of 17 minutes, as well as a correlation between attention metrics and crypto asset price movements. The platform plans to launch on the Base mainnet (a Layer-2 solution from Coinbase) in the coming months, opening up real-capital trading to the broader public. Noise founder Gabriel Perez Carafa describes the project as a "stock market for ideas," where participants' financial accountability helps filter informational noise and create an objective index of cultural relevance.

In addition to Paradigm, the round included Figment Capital and Anagram (from the previous pre-seed), as well as strategic investors GSR, JPEG Trading, and KaitoAI. The latter provides social media data for Noise, enhancing the platform's analytics. This funding round underscores the growing interest in integrating social data with blockchain, particularly in the context of prediction markets, which are gaining popularity in the crypto industry. On X, the news has already gained traction: users are discussing Noise's potential as the "next layer of data" for crypto, with a focus on attention trading.

Experts believe Noise could complement existing platforms by monetizing cultural attention and turning it into tradable assets. With the launch on Base, the project could integrate with the Coinbase ecosystem, adding scale. However, like any crypto startup, risks include regulatory challenges and the volatility of the attention market.

Paradigm

Paradigm is a leading venture fund focused on cryptocurrencies and blockchain technologies, founded in June 2018 by Fred Ehrsam (co-founder of Coinbase) and Matt Huang (former partner at Sequoia Capital). The fund is based in San Francisco and positions itself as a research-oriented investment firm that supports companies and protocols at the earliest stages, often when there's just an idea.

Paradigm is known for its investments in key crypto industry projects such as Uniswap, Lido, Blur, Optimism, Chainalysis, Fireblocks, OpenSea, and Cosmos. In November 2021, the fund raised $2.5 billion, which became one of the largest rounds in venture capital for crypto. The company doesn't just invest but also builds: many Paradigm employees have worked on tools and protocols that have become industry standards. They also develop open-source software to advance crypto technologies.

Paradigm's focuses include intent-centric protocols, rollup infrastructure, on-chain games, crypto-social apps, prediction markets, stablecoins, and ZKP applications. The fund collaborates with other giants like Coinbase Ventures, Andreessen Horowitz, and Sequoia Capital, and has a portfolio of over 100 investments. Paradigm is considered one of the top players in crypto VC, with an emphasis on innovation and long-term growth.