Sequoia Capital, one of the major venture capital companies, has said goodbye to two key members of its crypto investing team. As a result of the reorganization, Daniel Chen and junior partner Michelle Fradin left the business, media reports said.
Notably, Chen, a self-proclaimed “crypto maxi,” and Fradin, who was instrumental in Sequoia’s FTX investments, were significantly engaged in the firm’s cryptocurrency operations.
The new modifications transcend beyond the realm of cryptography. Michael Moritz, a long-term Sequoia partner for over 40 years, has also opted to leave the VC firm to focus on Sequoia Heritage, a wealth management firm he helped to build. Moritz’s family foundation, Crankstart, manages nearly $15 billion in money, a significant chunk of which belongs to him, media reports said.
In addition to Moritz, partners Kais Khimji and Mike Vernal have left. Khimji, renowned for his emphasis on later-stage startups, and Vernal, who was instrumental in the firm’s development, will choose divergent courses. Vernal, for his part, is taking a well-deserved break.
While the latest modifications reflect a purposeful strategy to reduce the repercussions from the FTX crisis, the firm’s continued investments and reorganization plan show a commitment to moving forward in the dynamic world of blockchain and digital assets.
Sequoia Capital’s revamped crypto investment team intends to traverse the crypto markets with fresh vim, ensuring that the business remains an industry leader.
