Jason Zhao, co-founder of Story, said he is leaving his full-time role to become a strategic adviser and to work on a new AI venture called Poseidon.
On August 16th, he announced on X(Twitter), saying he spent 3.5 years building Story and will now focus on applying AI to fields such as science and space.
Zhao added that Story will keep going under co-founder SY Lee as CEO, with Andrea as chief product officer and Sandeep as chief AI officer. He also said he will stay involved through partnerships and investment.
Why is he moving on?
Zhao said that while incubating Poseidon, he returned to an old interest from his DeepMind days, using AI in frontier industries. He wrote that language generation is only the first step.
He sees a wave of AI work coming in robotics, biopharma and space. That, he says, makes now the right time to dive fully into his new project.
Story Protocol began in 2022, and it aimed to let rights holders put intellectual property on the chain. The platform lets creators register and monetise content with tokens.
The project drew big funding, and its backers included a16z and others who together invested more than $130M.
Leadership changes
Leadership will now be handled by SY Lee as CEO. Andrea will take the product role, and Sandeep will run AI. Zhao said Story is entering “Chapter 2” under their lead. He also promised the company would remain a focus for him, through deals and funding.
Story’s token, IP, traded above $5.72 at one point and was down 5% on the day Zhao’s news came out. The move to new leadership and Zhao’s pivot to Poseidon may have helped explain the short price move.
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How Zhao described his time at Story
Zhao reflected on the firm’s start, and he said Story began as a whiteboard idea when he was 22. He called building the company the most meaningful work of his life.
Under his view, Story grew into a platform that supported well-known IPs and processed millions of transactions. He thanked investors, partners and the nearly 100 people who worked there.
What Poseidon aims to do?
Zhao did not lay out a full plan for Poseidon in his post. He did say the new work will focus on applying AI to tough problems in science and space.
The shift signals the rising interest in projects that link AI with blockchain and other pieces of infrastructure. Institutional dollars have been flowing into firms that try to build those kinds of tools.
Industry context
The move is another sign that founders often shift from running a product to backing new work. It also shows how AI and crypto are crossing paths.
Startups now pitch both deep learning talent and blockchain know-how to win big checks. That mix draws interest from investors who want exposure to both trends.
Story will continue under the new team, and Zhao will stay close as an adviser and investor. The company will likely focus on product work under its new chief product officer and on AI work under its chief AI officer. Zhao plans to put energy into Poseidon while keeping ties to Story.