Tal Broda, vice president of engineering at cryptocurrency and Web3 protocol investment firm Paradigm, has left the company, according to an internal memo he sent to colleagues at the end of last month.

“While I believe strongly in Paradigm’s mission and the company’s ability to execute on its vision, I have decided that leading engineering here at Paradigm is not the right fit for me at this stage,” Broda wrote.

Paradigm has lost a handful of engineers since around the end of last year. The crypto market downturn has led to a scaling back of certain internal engineering projects at the firm, according to a Paradigm spokeswoman.

Broda, who joined Paradigm in April 2022, said he would remain until mid-March to help the day-to-day management of the engineering team.

Before joining Paradigm, Broda was head of platform at Citadel Securities and had been in charge of large engineering teams of 50-plus people. “I have decided to pursue an opportunity that more closely aligns with my prior experience,” he wrote.