Ryan Zurrer, one of the founding principals of Polychain, is no longer with the firm.
Zurrer joined Polychain in December 2016. He left a considerable footprint as the chief “architect” of the Simple Agreement for Future Tokens (SAFTs) contracts, which promises future rights to unreleased tokens.
He was in charge of overseeing the company’s long-only portfolio, making investments based on forecasts of 5-10 years, building Polychain Capital into the biggest crypto fund according to assets under management at its peak.
Zurrer is also now working closely with Commonwealth Labs, a California-based governance-for-blockchain startup he advised while at Polychain. Zurrer has since reconnected with Commonwealth and has independently helped them secure key contracts, as well as personally investing in the project. As of now, there isn’t a replacement for Zurrer.
Downfall of Polychain Capital
Polychain has been one of crypto’s breakout investment stars. It has received funding from prominent venture capital firms like Andreessen Horowitz and invested intensively in a portfolio of crypto tokens and blockchain companies that resulted in a 2,303% return in 2017, according to the Wall Street Journal.
The firm, led by founder CEO Olaf Carlson-Wee, was also later featured in the Fintech 250 list by CB Insights, a tech and data analytics firm.
Prior to Zurrer’s exit, Polychain saw the departure of former #3 Chase Lochmiller earlier this year. Polychain also faced significant performance issues according to a September Wall Street Journal feature, with the fund reportedly “shed[ding] around 40% of the $800 million it made for clients last year through a combination of investment losses and withdrawals by some of its earliest investors.”
In addition to that there were rumors stating that Polychain wasn’t following through with the investment deals.