While everyone was busy buzzing this week about Bitcoin futures ETF approval and other news from real crypto companies, Facebook’s crypto project quietly lost two more people.
Riyaz Faizullabhoy and Nassim Eddequiouaq, who both left crypto custody firm Anchorage two years ago to work on Facebook’s crypto wallet, left to join Andreessen Horowitz’s crypto division. There’s a special irony here: a16z is a founding member of the Diem (formerly Libra) Association that Facebook co-created. Perhaps you could view this as a16z wanting to bring these guys in house to ensure that Novi, as it’s now called, is a success.
But it’s hard not to view this news as further hemorrhaging of talent from Facebook’s ill-fated, half-baked shot at crypto.
Facebook first announced Libra in June 2019, an eternity ago in cryptoland. It was originally pitched as a “borderless global currency” that would be backed by the Libra Reserve, a “collection of low-volatility assets like bank deposits and go
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