Joey Krug Resigns from Pantera and Joins Founders Fund as a Partner

04/18/2023 22:33 • Daily Digest • 61 views

According to reports, Joey Krug resigned as the co chief investment officer of Pantera, a crypto venture capital firm, in February of this year and announced on Monday that he had joined Founders Fund as a partner. The San Francisco Founders Fund was founded in 2005 by a group of well-known partners, including billionaire entrepreneur Peter Thiel. The company invests extensively in all stages and industries, with investment portfolio companies including Lyft, Facebook, SpaceX, and Stripe.

Former Joint Chief Investment Officer of Pantera Joins Founders Fund and Becomes a Partner

Joey Krug, the co-chief investment officer of Pantera, a crypto venture capital firm, parted ways with the company in February of this year. On Monday, Krug announced his new role as a partner at Founders Fund, a San Francisco-based investment firm founded by prominent entrepreneurs including Peter Thiel, boasting a diverse portfolio that includes Lyft, Facebook, SpaceX, and Stripe.

Krug’s Departure from Pantera

According to reports, Joey Krug resigned from Pantera in February. His departure from the firm comes after three years of his service which saw Pantera make significant investments in the crypto space such as Bakkt, Bitso, and DeFi’s Hegic. Krug played a crucial role in the company’s investment strategies, making Pantera one of the leading blockchain investment firms in the world.

Founders Fund’s New Partner

Krug’s decision to join Founders Fund as a partner indicates that he will continue to pursue his interest in crypto-related projects but with a more diversified investment scope. With Founders Fund being one of the most revered investment firms worldwide with its investment portfolios in numerous renowned tech companies, Krug’s role as a partner has been highly anticipated.
Founders Fund was founded in 2005 by Peter Thiel, along with Ken Howery and Luke Nosek, who were Thiel’s partners at PayPal. The company focuses on investing in early-stage tech companies across a wide range of industries, including healthcare, software, and biotech.

The Significance of Krug’s Move

Krug’s move to join Founders Fund as a partner is a strategic one. The decision implies that he has shifted his focus from purely crypto assets to other innovative technology areas. In a statement, Krug claimed he is excited to join a team that has the knowledge, skills, and networks to make profitable investments across industries.
The move also positions Krug as a valuable addition to the Founders Fund team with his vast experience in the crypto space. His knowledge of crypto investments will be instrumental in expanding Founders Fund’s investment areas in the blockchain space.

Conclusion

Joey Krug’s departure from Pantera, a firm that helped mold him into one of the influential figures in the crypto landscape, surprised many in the industry. However, his decision to join Founders Fund as a partner presents a significant opportunity for Krug to apply his extensive crypto investment knowledge in a broader scope. Founders Fund stands to gain from Krug’s expertise, and Krug stands to benefit from a more diverse investment portfolio.
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FAQs

1. What is Founders Fund?

Founders Fund is a San Francisco-based investment firm founded by prominent entrepreneurs, including Peter Thiel, that invests in early-stage tech companies across a wide range of industries.

2. Who is Joey Krug?

Joey Krug is an entrepreneur and investor known for his roles in Pantera Capital and Augur. He is a prominent figure in the crypto investment space.

3. What companies has Pantera invested in?

Pantera has invested in companies such as Bakkt, Bitso, and DeFi’s Hegic, among others.
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