Facebook and Novi haven’t said anything about how this would influence the project’s timeline.
Two key employees of Facebook’s Novi crypto wallet have departed to work for a16z Crypto, a crypto startup fund.
A16z welcomes two key Novi members
Both workers left Novi to work for Andreessen Horowitz’s a16z Crypto crypto venture.
Riyaz Faizullabhoy, who formerly worked at Novi as Engineering Lead, will join a16z Crypto as CTO. In addition, Nassim Eddequiouaq, who oversaw Novi’s security infrastructure, will now serve as the venture fund’s chief information security officer.
It’s unclear whether this will cause Facebook’s planned cryptocurrency project to be delayed. However, it appears that the project is nearly finished and is now awaiting regulatory permission.
Though a CNBC article suggests that regulatory difficulties have been a problem at Novi, it’s unclear whether the executives resigned because of them. Instead, the business would allow the recruits to work on a “wider set of challenges than what Facebook offers,” according to Anthony Albanese, the operations head for a16z’s crypto fund.
The two projects are vastly dissimilar. Novi creates a wallet for Facebook’s stablecoin, while a16z specializes in venture funding.
Who will replace Faizullabhoy and Eddequiouaq has yet to be revealed by Novi and its affiliated initiatives.
Others have also abandoned Diem
Other staffers have left Facebook’s crypto project in the past. For example, Morgan Beller, a Diem co-founder who also served as Novi‘s head of strategy, departed the project in September 2020 to join NFX, a venture capital firm.
Kevin Weil, a Diem co-founder, departed the project in March to join Planet Labs, an imagery business.
In addition to bringing on new CEOs, Diem’s rebranding in December 2020 reshuffled current responsibilities.
Diem and Novi have yet to be given a public launch date. However, project leader David Marcus has stated that both are nearing completion.