Former senior technology and security executives at venture capital titans Andreessen Horowitz (a16z), Riyaz Faizullabhoy and Nassim Eddequouaq have reportedly launched an institutional-focused cryptocurrency custody firm.
The two previously held the positions of chief technology officer and chief information security officer respectively With the blessing of the company and the seed support of a new venture.
Before joining a16z, the team co-founded Facebook’s cryptocurrency custody infrastructure (formerly known as Calibra) wallet. Calibra, launched by Facebook in June 2019, is designed as a digital wallet to facilitate transactions using the proposed cryptocurrency The project faced strong opposition from regulators and policymakers, leading several founding members of the Libra Association to withdraw their support. In December 2020, Facebook rebranded Calibra to Novi and the Libra Association to the Diem Association, marking a shift in focus.
The Diem Association redesigned the project as a stablecoin pegged to the U.S. dollar and other major currencies, aiming to comply with regulatory requirements. As a digital wallet, Novi supports cryptocurrencies such as Diem and provides users with a secure digital asset trading platform. Security has been a top priority throughout Novi’s development, and Nassim and Riyaz have been instrumental in building out its encrypted hosting infrastructure.
Before, Nassim and Riyaz have been hired to consult on projects in the a16z Crypto portfolio and help scale the company’s operations.The duo ventures further into the cryptocurrency space , which focuses on protecting private keys in large distributed infrastructures.Institutional cryptocurrency custody is using a variety of techniques to manage encryption keys for hedge funds, asset managers, and banks.
Before their involvement in blockchain technology, the two met at Docker, where they worked on securing application origin, authentication systems, and designing the secure operating system used in Docker Desktop. Docker is an open source platform that automates the deployment, scaling, and management of cloud applications by shaping containerized environments for cloud deployments. Containers are lightweight, portable units that allow developers to package applications and their dependencies (such as libraries, configuration files, and runtime environments) together, ensuring that applications run consistently and predictably across different environments, regardless of the underlying infrastructure.
Armed with this experience, the pair are now shifting their focus to building a new cryptocurrency custody company, leveraging their expertise in blockchain security and engineering. It is an important part of the blockchain ecosystem, providing institutional investors with secure storage and management of digital assets. With a solid background in crypto custody infrastructure development, Nassim and Riyaz are well positioned to meet the growing demand for safe and reliable custody services in the fast-growing crypto space.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.