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High engineers engaged on Fb’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 Fb’s digital forex undertaking for its digital asset fund.

In response to an Oct. 11 report from CNBC, Nassim Eddequiouaq and Riyaz Faizullabhoy have jumped ship from Fb 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 function of CIO at A16z’s crypto division. Faizullabhoy acknowledged:

“Andreessen Horowitz has proven a powerful dedication to advancing the complete crypto ecosystem over the previous decade, and we jumped on the likelihood to hitch their premier group and supply technical assist to their rapidly-expanding portfolio.”

A16z founder, Marc Andreessen, has sat on Fb’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 “alternative to impression the crypto ecosystem on a really broad scale” by way of their new roles.

“They’re going to be advising our portfolio corporations and protocols to assist them ensure that they’ve essentially the most safe and complex methods round,” mentioned Albanese, including that their earlier roles at Fb have been way more “particular.”

Eddequiouaq and Faizullabhoy additionally labored at crypto custody agency Anchorage earlier than becoming a member of Fb’s Novi undertaking.

The pair usually are not the primary engineers to have deserted Fb’s digital forex 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.

Associated: Andreessen Horowitz launches biggest-ever crypto enterprise fund at $2.2B

Whereas Andreessen Horowitz is considered as a number one crypto enterprise agency attributable to its profitable and early investments into the likes of Coinbase, Compound, and OpenSea, the agency has not too long ago attracted controversy relating to how its governance voting rights for high decentralized change Uniswap have been disbursed.

Whereas A16z’s votes have been divested to college regulation faculties together with the Harvard Legislation Blockchain and Fintech Initiative (BFI), the Harvard BFI launched a governance proposal in Might advocating for the creation of a decentralized finance lobbying group dubbed the DeFi Schooling Fund (DEF). The proposal beneficial transferring $20 million price of UNI to the group to fund its operations, with the group assuring that it might steadily promote the tokens over the course of 4 to 5 years.

Nevertheless, lower than two weeks after the proposal handed and the tokens have been transferred to the DEF in the beginning of June, the DEF all of the sudden introduced it had liquidated $10 million price of UNI to the shock of the DeFi neighborhood, attracting criticism of each the DEF and A16z.