Crypto exchange FTX absorbed the venture capital operations of Alameda Research, an effort to consolidate parts of billionaire Sam Bankman-Fried’s empire as it copes with a prolonged decline in cryptocurrency prices.
Alameda Chief Executive Officer Caroline Ellison outlined the change, which hasn’t been previously reported, in an interview with Bloomberg. The move took place before Ellison’s co-CEO, Sam Trabucco, said this week that he was stepping down and would move into an advisory role.
Brian Lee, formerly a partner at Alameda Research Ventures, now works at FTX Ventures, the startup investment arm of the crypto exchange.
While the implications were small for Alameda’s staffing, they are significant for the crypto startup industry. Alameda was a prolific investor that backed more than 150 private companies, according to research from PitchBook. Its portfolio includes the nonfungible token marketplace Magic Eden and crypto bank Anchorage Digital.
The transition began in January,...
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