• Riyaz Faizullabhoy and Nassim Eddequiouaq, former senior technology and security executives from venture capital giant Andreessen Horowitz (a16z), have reportedly started an institutional-focused cryptocurrency custody firm.
• This new venture has received the firm’s blessing and seed backing.
• Before joining a16z, the duo co-created the crypto custody infrastructure for Facebook’s Novi (formerly Calibra) wallet.
Former Senior Executives Start Crypto Custody Firm
Riyaz Faizullabhoy and Nassim Eddequiouaq, former senior technology and security executives from venture capital giant Andreessen Horowitz (a16z), have reportedly started an institutional-focused cryptocurrency custody firm. The duo, who had held the positions of Chief Technology Officer and Chief Information Security Officer at a16z respectively, have received the firm’s blessing and seed backing for this new venture.
Background on Novi Wallet
Before joining a16z, the tandem co-created the crypto custody infrastructure for Facebook’s Novi (formerly Calibra) wallet. Calibra was introduced by Facebook in June 2019 as a digital wallet to facilitate transactions using its proposed cryptocurrency Libra. However due to significant backlash from regulators and policymakers, support from several founding members of the Libra Association was withdrawn. In December 2020, Facebook rebranded Calibra as Novi and changed its name to Diem Association, signaling a shift in focus towards a stablecoin pegged to major currencies such as US dollar in order to comply with regulatory requirements. Novi supports Diem transactions along with other cryptocurrencies – providing users with a secure platform for digital asset transactions with security being a top priority during development thanks to Nassim and Riyaz’s involvement in building its crypto custody infrastructure.
Experience Prior To A16Z Crypto
Prior to their involvement with blockchain technologies, Riyaz and Nassim both worked together at Docker where they were responsible for securing application provenance authentication systems as well as designing secure OS used in Docker Desktop – an open source platform that automates cloud applications deployment, scaling & management by shaping containerized environments for cloud deployment within lightweight & portable units which package apps along with dependencies such as libraries & runtime environment allowing consistent app running across different platforms or infrastructures .
Institutional Crypto Custody Market
Institutional crypto custody is highly competitive space – one filled with various technologies available to manage cryptographic keys for hedge funds, asset managers & banks alike . Anchorage saw potential in Riyaz & Nassim’s expertise , thus bringing them onboard where they focused primarily on securing private keys within large distributed infrastructures .
The pair ventured further into the crypto space at Anchorage , eventually prompting A16Z Crypto onboarding them as consultants helping scale operations before formalizing their own institutional focused crypto custody firm under A6Z Crypto’s blessing & seed funding .