Top engineers working on the Facebook wallet are leaving the ship to work at the A16z crypto fund

Andreessen Horowitz (A16z), one of the leading venture capital firms active in the cryptocurrency sector, has recruited two of the top engineers working on Facebook’s digital currency project for its digital asset fund.

According to a CNBC report dated Oct. 11 Nassim Eddequiouaq and Riyaz Faizullabhoy have left the Facebook ship for A16z after spending two years on the Novi digital wallet. of the social media giant (formerly Calibra).

Faizullabhoy will serve as CTO while Eddequiouaq will take on the role of CIO in A16z’s cryptocurrency division.. Faizullabhoy stated:

“Andreessen Horowitz has shown an impressive commitment to the advancement of the entire cryptocurrency ecosystem over the past decade, and we took the opportunity to join his world-class team and provide technical support for his rapidly growing wallet.”

Top engineers working on the Facebook wallet are leaving the ship to work at the A16z crypto fund
Top engineers working on the Facebook wallet are leaving the ship to work at the A16z crypto fund

The founder of A16z, Marc Andreessen has been a member of the Facebook board since 2008, one year before Andreessen Horowitz started.

Anthony Albanese, COO of A16z, described the company’s new talent having a greater “opportunity to impact the cryptocurrency ecosystem on a large scale.” through its new functions.

“They will advise our portfolio and protocol companies to ensure they have the most secure and advanced systems in place,” said Albanese., adding that his previous features on Facebook were much more “specific”.

Eddequiouaq and Faizullabhoy also worked at the cryptocurrency custody company Anchorage before joining the Novi Facebook project.

The two aren’t the first engineers to give up on Facebook’s digital currency project.As Novi’s Chief Strategy Officer, Morgan Beller joined VC NFX in September 2020 and co-creator Kevin Weil joined satellite imaging company Planet Labs in March of this year.

While Andreessen Horowitz is considered a leading crypto company due to his successful early investments in companies like Coinbase, Compound and OpenSea., the company recently sparked controversy over how its government voting rights were distributed to the main decentralized exchange, Uniswap.

While A16z votes went to university law schools, including the Harvard Law Blockchain and Fintech Initiative (BFI), Harvard’s BFI tabled a governance proposal in May advocating the creation of a decentralized finance lobby called the DeFi Education Fund (DEF).. The proposal recommended transferring US $ 20 million from UNI to the group to fund its operations, and the group ensured that it would gradually sell the tokens over a period of four to five years.

Less than two weeks after the proposal was approved and the tokens were handed over to DEF in early June the DEF suddenly announced that it had 10 million.

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