- Two key members in Facebook’s Novi wallet project have left to join Andreessen Horowitz’s (a16z) cryptocurrency fund.
- Novi engineering leader Riyaz Faizullabhoy and security infrastructure head Nassim Eddequiouaq left the project.
- Novi and its associated projects have not announced any replacements for these two leaders.
Two prominent members of Facebook’s Novi crypto wallet have left the project to work for crypto venture fund a16z Crypto.
Two prominent Novi members have joined crypto venture fund A16z!
Both employees left Novi to work for Andreessen Horowitz’s cryptocurrency fund known as a16z Crypto. Riyaz Faizullabhoy, who serves as Engineering Leader at Novi, will serve as CTO at a16z Crypto. Nassim Eddequiouaq, head of security infrastructure at Novi, will now serve as chief of information security at the venture fund. It is unclear whether this will delay Facebook’s upcoming cryptocurrency project.
However, the project appears to be largely complete and currently focused on regulatory approval. While a CNBC report hinted that regulatory challenges were an issue in Novi, it’s unclear whether the leaders left because of this. Anthony Albanese, chief of operations of a16z’s crypto fund, suggested that the company will allow recruits to work on “a broader set of issues than Facebook presents.”
Facebook’s cryptocurrency project had previously lost other employees
The two projects are significantly different from each other. Novi is responsible for developing a wallet for Facebook’s stablecoin, while a16z focuses on venture capital investments. Novi and its related projects have not revealed who will replace Faizullabhoy and Eddequiouaq. Facebook’s cryptocurrency project had previously lost other employees. Diem co-founder Morgan Beller, who served as Novi’s head of strategy, left the project in September 2020 to join venture capital firm NFX.
Kevin Weil, also co-founder of Diem, left the project in March to join geoimagery company Planet Labs. Diem’s rebranding in December 2020 brought in several new executives and changed existing roles. There is no launch date yet for Diem and Novi, but project head David Marcus suggested that both are close to a public launch.
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