Paradigm co-founder Ehrsam steps down as managing partner

Paradigm co-founder Fred Ehrsam announced he is stepping down as managing partner as the venture capital firm eyes a new fund.

Ehrsam, who besides helping start the crypto-focused VC also co-founded U.S. exchange Coinbase, will stay on as a general partner, according to a post on X. "I’ll continue to work with our investing and research teams, work with portfolio companies, and fight for good crypto policy, while focusing less on the day to day management of the firm," he said.

Ehrsam's move was first reported by The Information, which also said Paradigm is planning a new fund. The Paradigm co-founder said he will be spending more time on some new pursuits. "I have personally been investing in and supporting bio research for several years and am excited to ramp up these efforts," he said in his post.

Last month, Paradigm CFO Nathan Apsel and General Counsel Reena Jashnani-Slusarz both departed the VC. Paradigm's two remaining managing partners will be co-founder Matt Huang and Chief Operating Officer Alana Palmedo, according to The Information.

Crypto VC investment

VC investment into crypto continues although there has been a major slowdown amid the prolonged bear market. 

Paradigm is known for having invested in a range of crypto companies including decentralized finance darling Uniswap and the now disgraced FTX. Earlier this month, Paradigm's Huang testified in the criminal trial against former FTX CEO Sam Bankman-Fried.

(Updates with tweet from Ehrsam.)