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Two of Facebook’s top engineers on its blockchain and digital currency project have left the company to join Andreessen Horowitz’s crypto fund, known as a16z Crypto. The two projects are significantly different. Novi is responsible for developing a wallet for Facebook’s stablecoin, while a16z focuses on venture capital investments.
a16z Hires Engineers From Novi Crypto Wallet
Two of Facebook’s top engineers at Facebook’s Novi crypto wallet have left the company to join Andreessen Horowitz’s crypto fund, known as a16z Crypto. Riyaz Faizullabhoy, who served as Engineering Lead at Novi will serve as CTO at a16z Crypto. Nassim Eddequiouaq, who headed security infrastructure at Novi will now serve as the chief information security officer at the venture fund.
Prior to Facebook, Riyaz Faizullabhoy and Nassim Eddequiouaq have worked at crypto custody firm Anchorage two years ago.
Marc Andreessen, who co-founded a16z in 2009 has served on Facebook’s board for a year before opening his firm. His crypto team has about 50 members, including outside advisors. The group has made three dozen investments, including in digital currencies, trading services, and other crypto funds.
Facebook Cryptocurrency Project Has Previously Lost Other Employees
Facebook’s crypto project has previously lost other employees. Diem co-founder Morgan Beller, who acted as Novi’s head of strategy, left the project in September 2020 to join venture capital firm NFX. While Kevin Weil, also a co-founder of Diem, left the project to join the geoimagery company Planet Labs in March.
While Andreessen has been actively investing in crypto and blockchain, Facebook has yet to show much progress in the space. In 2019, the social networking company announced that Calibra and its Libra digital currency will be launched in 2020. With 2021 almost ending, neither has been released, though the names have changed as Calibra became Novi, and Libra was renamed Diem last year.