Paradigm, the crypto VC firm known for a diverse range of investments including the defunct crypto exchange FTX, is reducing employee salaries by 15%, citing poor market conditions. “It is clear that the contagion is deep and wide following FTX’s collapse, and we, like many of our clients and peers, are not immune,” the company said in a statement posted on Twitter on Thursday. “Salary reductions reduce the need for layoffs across the ecosystem and have a smaller impact on org momentum.” The firm has made significant investments in the crypto ecosystem, including Ethereum scaling project Optimism, Solana-based NFT marketplace Magic Eden, and Coinbase and Cosmos.
