How Pantera’s Paul Veradittakit Identifies the Next Crypto Unicorns Amid a Changing VC Landscape
For over a decade, Paul Veradittakit has had a front-row seat to crypto’s evolution. As a managing partner at Pantera Capital—one of the oldest and most respected venture firms in the blockchain space—he’s helped steer investments into 22 unicorns, leading 17 of them himself. Today, he remains laser-focused on one mission: finding the next billion-dollar crypto company.
“I’m always trying to figure out where the puck is going,” Veradittakit explains, referencing hockey’s famous metaphor for anticipating trends rather than following them. That approach has defined much of his career—and now shapes Pantera’s next big move: raising its fifth major investment vehicle, Fund V, targeting $1 billion in capital.
What Makes a Crypto Unicorn?
Veradittakit is known for his sharp eye when it comes to early-stage investments, particularly in Series A rounds. While he acknowledges some flexibility in seed funding, Series A is where real discipline kicks in.
“At that stage, we’re only backing companies we believe can grow into billion-dollar businesses,” he says. His criteria? Tenacity in founders—those who are relentless, solutions-driven, and obsessive about learning. “I’m looking for someone who won’t take no for an answer.”
Beyond the founder, the product matters deeply. Veradittakit prefers startups that already have a tangible product that customers love—ideally something Pantera’s team can use and even help improve.
Fund V and the Evolving Market
Pantera Fund V follows the firm's previous fund, which raised $1.25 billion. The appetite for the new fund has been strong, with interest from both returning and first-time investors. According to Veradittakit, the timing is strategic: “We’re seeing companies mature into Series B and beyond, and protocols are now achieving product-market fit.”
A shift in the regulatory landscape is also encouraging. As U.S. policy around crypto becomes more constructive, founders are increasingly comfortable building at home. While Pantera has historically allocated about 40% of its capital to international projects, the balance is expected to even out as more American teams enter the fray.
The VC Coin Controversy
One issue that’s long shadowed crypto VC involvement is the so-called “VC coins”—projects that grant venture capitalists disproportionately large allocations of tokens. Veradittakit doesn’t shy away from the criticism.
“There was definitely frustration in the 2017-2018 cycle,” he admits. “VCs made money, and retail often got burned.” He believes that improved vesting schedules, transparency, and better alignment between founders and investors are critical moving forward.
“It’s about building for the long-term,” he emphasizes, adding that Pantera offers hands-on support for projects around tokenomics, governance, and team building.
Where He’s Investing Now
As the crypto space diversifies, so do Pantera’s interests. Veradittakit is particularly enthusiastic about sectors like:
- Staking infrastructure
- Insurance mechanisms
- Cross-chain asset mobility and security
- Stablecoins and tokenized real-world assets (RWAs)
- Consumer-facing crypto apps
He sees a growing trend of consumer startups launching their own tokens—something that could breathe new life into areas like DeFi, gaming, and decentralized physical infrastructure networks (DePINs).
However, hardware investments remain rare. “It’s just so capital-intensive,” he notes, explaining that Pantera would only consider a hardware play if it were both groundbreaking and early-stage.
And while Pantera has dipped into AI, it’s taking a cautious approach. “We’re mostly waiting to see how it plays out,” Veradittakit says, though he’s optimistic about the use of tokens as AI incentives or autonomous agents, calling it a potential “killer use case” for crypto.
A Glimpse Ahead
Veradittakit’s investment philosophy remains grounded in identifying transformative potential—not just hype. He’s betting on the convergence of crypto with traditional finance, user-focused innovation, and global market access.
With Fund V gaining momentum and a fresh crop of founders entering the space, Pantera Capital continues to chart a strategic path through the ever-changing crypto landscape.