Top engineers engaged on Facebook’s pockets leap ship to A16z’s crypto fund
Andreessen Horowitz (A16z), a number one enterprise capital agency working within the crypto sector, has nabbed two of the main engineers engaged on Facebook’s digital currency undertaking for its digital asset fund.
According to an Oct. 11 report from CNBC, Nassim Eddequiouaq and Riyaz Faizullabhoy have jumped ship from Facebook to A16z after spending two years engaged on the social media large’s Novi digital pockets (previously Calibra).
Faizullabhoy will function CTO whereas Eddequiouaq will tackle the position of CIO at A16z’s crypto division. Faizullabhoy said:
“Andreessen Horowitz has shown an impressive dedication to advancing the entire crypto ecosystem over the past decade, and we jumped at the chance to join their premier team and provide technical support to their rapidly-expanding portfolio.”
A16z founder, Marc Andreessen, has sat on Facebook’s board since 2008 — one yr previous to the launch of Andreessen Horowitz.
Anthony Albanese, the COO of A16z, described the agency’s new expertise as having a larger “opportunity to impact the crypto ecosystem on a very broad scale” by their new roles.
“They’re going to be advising our portfolio companies and protocols to help them make sure that they have the most secure and sophisticated systems around,” stated Albanese, including that their earlier roles at Facebook had been way more “specific.”
Eddequiouaq and Faizullabhoy additionally labored at crypto custody agency Anchorage earlier than becoming a member of Facebook’s Novi undertaking.
The pair aren’t the primary engineers to have deserted Facebook’s digital currency undertaking, with Novi head of technique Morgan Beller becoming a member of VC agency NFX in September 2020 and co-creator Kevin Weil heading to satellite tv for pc imagery firm Planet Labs in March of this yr.
Related: Andreessen Horowitz launches biggest-ever crypto enterprise fund at $2.2B
While Andreessen Horowitz is seen as a number one crypto enterprise agency as a result of its profitable and early investments into the likes of Coinbase, Compound, and OpenSea, the agency has just lately attracted controversy relating to how its governance voting rights for high decentralized exchange Uniswap have been disbursed.
While A16z’s votes have been divested to school regulation colleges together with the Harvard Law Blockchain and Fintech Initiative (BFI), the Harvard BFI launched a governance proposal in May advocating for the creation of a decentralized finance lobbying group dubbed the DeFi Education Fund (DEF). The proposal really useful transferring $20 million value of UNI to the group to fund its operations, with the group assuring that it might step by step promote the tokens over the course of 4 to 5 years.
However, lower than two weeks after the proposal handed and the tokens had been transferred to the DEF in the beginning of June, the DEF abruptly introduced it had liquidated $10 million value of UNI to the shock of the DeFi group, attracting criticism of each the DEF and A16z.