Leading Facebook Wallet Programmers Shift To A16z's Cryptocurrency Fund.

Leading Facebook Wallet Programmers Shift To A16z's Cryptocurrency Fund.

2021-10-12 | Eddy Morgan

Leading Facebook Wallet Programmers Shift To A16z's Cryptocurrency Fund.

For its digital assets portfolio, Andreessen Horowitz (A16z), a leading cryptocurrency operating business, has engaged two top developers working on Facebook's digital money project. Nassim Eddequiouaq and Riyaz Faizullabhoy, according to a CNBC story from October 11, jumped ship from Facebook to the A16z after spending two years working on a fundraiser for the Novi digital media platform. In the A16z's crypto category, Faizullabhoy will serve as CTO, while Eddequiouaq will serve as CIO. "Over the last decade, Andreessen Horowitz has demonstrated an extraordinary dedication to developing the entire cryptocurrency environment, and we are excited at the opportunity to join their Premier team and provide technical assistance to their rapidly increasing portfolio," said Faizullabhoy. Marc Andreessen, the creator of the A16z, has been a member of the Facebook board of directors since 2008, one year before Andreessen Horowitz was founded. With their new roles, A16z's new talent will be able to "touch the cryptosystem on a much broader scale," according to Anthony Albanese, the company's COO. Before joining the Novi Facebook project, Eddequiouaq and Faizullabhoy worked for the crypto storage company Anchorage. The two aren't the first developers to depart Facebook's digital currency project, with Morgan Beller, Novi's chief strategist, joining VC firm NFX in September 2020 and Kevin Weil joining satellite imagery firm Planet Labs in March of this year. While A16z votes were split among university law schools, including the Harvard Law Blockchain and Fintech Initiative (BFI), the Harvard BFI issued a management proposal in May encouraging the development of a DeFi Education Fund (DEF). The proposal proposes transferring $ 20 million to UNI to fund its operations, with the organization agreeing to sell the tokens over a four- to five-year period. However, in early June, less than two weeks after the proposal was ratified and tokens were given over to the DEF, the DEF announced the cancellation of the $ 10 million UNI in an attempt to frighten the DeFi community, drawing fire from both the DEF and the A16z.

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