Co-founder Fred Ehrsam of Paradigm will step down from the role of managing partner at the venture firm.
Update: My role at Paradigm will be shifting from Managing Partner to General Partner. I’ll continue to work with our investing & research teams, work with portfolio companies, and fight for good crypto policy, while focusing less on the day to day management of the firm. I look…
— Fred Ehrsam (@FEhrsam) October 24, 2023
According to The Information, the firm plans to launch a new fund.
Ehrsam will remain as a “general partner”. He will “participate in Paradigm’s investments and research, advise portfolio companies and promote governance standards for the crypto industry”.
Fred Ehrsam is also a co-founder of the American exchange Coinbase. He announced his departure from the company in early 2017.
Last month, Paradigm saw the departure of Chief Financial Officer Nate Apsel and Chief Counsel Rina Jashnani-Slusarz. The remaining managing partners are co-founder Matt Huang and Chief Operating Officer Alana Palmedo.
Paradigm has invested in many well-known cryptocurrency projects, including Uniswap and the bankrupt exchange FTX.
In May, the venture firm bought 810,000 Coinbase shares for $49.4 million. In the same month, Paradigm and the Blur platform launched the NFT-lending protocol Blend.