Paradigm Co-Founder Fred Ehrsam Steps Down as Managing Partner
Fred Ehrsam, co-founder of Paradigm, a venture capital firm focusing on cryptocurrency, has announced that he will be stepping down as managing partner. However, he will continue to stay on as a general partner. Ehrsam also co-founded the US exchange Coinbase. In a post on Twitter, Ehrsam stated that he will still work with the investing and research teams, as well as portfolio companies, but will be less involved in the day-to-day management of the firm.
Paradigm Plans New Fund as Ehrsam Focuses on Other Pursuits
Paradigm is reportedly planning to launch a new fund. This news coincided with Ehrsam’s decision to step down as managing partner. According to an article by The Information, Paradigm CFO Nathan Apsel and General Counsel Reena Jashnani-Slusarz have also recently left the firm. The remaining managing partners are co-founder Matt Huang and Chief Operating Officer Alana Palmedo.
The Continued Investment in Crypto VC
Despite the bear market causing a slowdown in venture capital investment in cryptocurrencies, there are still ongoing investments being made. Paradigm is well-known for its investments in various crypto companies such as Uniswap and FTX. The firm’s co-founder, Matt Huang, even testified in the recent criminal trial against former FTX CEO Sam Bankman-Fried.
Hot Take: Fred Ehrsam’s Transition Reflects Paradigm’s Growth and Shifting Focus
The decision of Fred Ehrsam to step down as managing partner at Paradigm represents the evolution and growth of the venture capital firm. With plans for a new fund underway and Ehrsam’s desire to focus on other pursuits such as bio research, Paradigm is adapting to the changing landscape of the crypto industry. Despite the challenges posed by the bear market, Paradigm remains committed to investing in promising crypto projects and supporting the development of the ecosystem.
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