As per CNBC’s report yesterday, two engineers previously working on Facebook’s digital currency wallet Novi jumped ship to Andreessen Horowitz’s crypto sector after working for the social media giant for more than two years.
CNBC’s report specifies the two defecting engineers as Nassim Eddequiouaq and Riuaz Faizullabhoy. The latter will now work under Andreessen Horowitz’s crypto division as its chief technology officer. At the same time, the former will take on the position of the chief information security officer.
Many now wonder what implications this development would bring to Facebook’s upcoming crypto-based venture. While the defection may delay its impending launch, Facebook states that the project is mostly complete and is currently pursuing regulatory approval.
At the other end of the spectrum, it also remains a mystery why the two engineers jumped ship. However, several reports point out the increasing regulatory challenge as the main factor.
It is also worth noting that the two projects are significantly varied. Facebook’s Novi project focuses on developing a wallet to house its upcoming stablecoin, the Facebook Diem – formerly called Libra. Meanwhile, Andreessen Horowitz is currently pursuing several venture capital investments to participate further in the crypto space.
This isn’t the first time a high-ranking employee of Facebook left its crypto projects. Three notable officials have left within the past year and so. Notably, Facebook is yet to announce who will replace Eddequiouaq and Faizullabhoy.