Paradigm co-founder Fred Ehrsam is stepping down as managing partner as the venture capital firm eyes a new fund, according to The Information.

Ehrsam, who besides helping start the crypto-focused VC also co-founded U.S. exchange Coinbase, will stay on as a "general partner" that is "involved in Paradigm's investment and research, advising portfolio companies and advocating for pro-crypto policies," the report said, citing an email to staff.

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 report.

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.