Paradigm’s Fred Ehrsam Stepping Down as Managing Partner

Paradigm co-founder Fred Ehrsam is stepping down as managing partner, according to an email to employees on Tuesday, as the top crypto-focused venture capital firm gears up to raise a new fund and move past the black eye of its major investment in failed crypto exchange FTX.

Ehrsam, who co-founded Coinbase before starting the venture firm, told employees he plans to devote more time to researching and investing in futuristic health technologies, citing other crypto leaders’ interest in aging cures and cryogenics. Ehrsam will take a general partner title at Paradigm, with the firm’s remaining managing partners, co-founder Matt Huang and Chief Operating Officer Alana Palmedo, continuing to run day-to-day operations.