“This change allows me to carve out some time to explore areas of science that are of personal passion for me,” he wrote. “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.”

Ehrsam co-founded the investment firm together with Matt Huang in 2018 after partnering with Brian Armstrong to develop crypto exchange Coinbase.

“I’ve spent more than a decade on crypto and I am more confident than ever that crypto will be one of the most world-changing technologies of the coming decades,” he said.

As for the areas of science he wants to explore, he explained: “There’s been a long pre-history of crypto interest in the frontiers of bio, from Hal Finney and cryogenics to Vitalik Buterin and Brian Armstrong’s more recent support of longevity research. I have personally been investing in and supporting bio research for several years and am excited to ramp up these efforts.”

The firm’s remaining managing partners are co-founder Huang and Chief Operating Officer Alana Palmedo. Earlier this month, Huang testified in the criminal trial of former FTX co-founder and CEO Sam Bankman-Fried, telling his side of the story of how the former crypto exchange misled investors and caused Paradigm to lose $278 million from its investments in FTX.