A16z, a famous venture capital company in the crypto sector, has hired elite engineers working on Facebook’s digital asset fund’s digital currency business.
According to the latest CNBC report, Riyaz Faizullabhoy and Nassim Eddequiouaq have moved from Facebook to the A16z. They worked for two years on the social media giant digital wallet.
In the crypto section of the A16z, Eddequiouaq will serve as CIO, while Faizullabhoy will be CTO.
According to Faizullabhoy, A16z has shown dramatic devotion to become part of the crypto ecosystem over the last decade. He is willing to provide technical assistance to the company.
Marc Andreessen, the creator of A16z, has been working on Facebook since 2008; A year since the establishment of Andreessen Horowitz. A16z employee Anthony Albanese construed the firm’s new capacity as a vast moment to blow the crypto ecosystem through their act.
Albanese direct protocols and portfolio companies to serve them and ensure they have the most guaranteed and sophisticated arrangement. Anthony added that their previous roles were much more “specific” on Facebook, but now things are different.
It is worth noting that before joining Facebook’s Novi project, Faizullabhoy and Eddequiouaq worked at cryptocurrency firm Anchorage.
As you know, they are not the first engineers to abandon the Facebook digital currency project. In September 2020, Novi Strategy Manager Morgan Beller VC joined firm NFX. And the co-founder, Kevin Weil, moved to Planet Labs, a satellite imaging company, in March this year.
Andreessen Horowitz is a leading cryptocurrency firm due to successful early investments such as Coinbase, Compound, and OpenSea. The firm has recently come to the forefront of how Uniswap disturbed its governing rights.
A16z votes went to university law schools, including the BFI and the Harvard Law Blockchain. The Harvard BFI proposed governance in May. He supports the creation of a decentralized financial lobbying group called the DeFi Education Fund.
The idea favoured transferring $20 million worth of UNI to the association to fund its activity, assuring that it would constantly handle the tokens over four to five years.
Less than two weeks have passed since the acceptance of the proposal. The marks were handed over to the DEF in early June. The DEF suddenly announced that it had been liquidated due to the shock of the $10 million UNI community. This led to criticism of both the DEF and the A16z.