ParaFi Capital has raised $39 million for its second venture capital fund, which will focus on investing in early-stage startups building the next generation of web3 protocols and applications. The raise comes at a time when the venture capital landscape for crypto is shifting, with investors becoming more selective and demanding more rigorous due diligence. ParaFi Capital is well-positioned to take advantage of this shift, with a team of experienced investors with a deep understanding of the crypto industry.