The former chief technology officer (CTO) and chief information security officer (CISO) from venture capital firm Andreessen Horowitz (a16z) are starting an institution-focused cryptocurrency custody firm, according to a person familiar with the plans.
a16z’s former chief technology officer (CTO) Riyaz Faizullabhoy and former chief information security officer (CISO) Nassim Eddequiouaq have the blessing and seed backing of the VC giant, the person said.
The duo of engineering and security heavyweights both departed a16z in February of this year to pursue the new custody venture.
Institutional crypto custody is a busy space with a mix of technologies available to manage cryptography keys for hedge funds, asset managers and banks.
Faizullabhoy and Eddequiouaq began working together on crypto at digital asset custody specialist Anchorage, according to an a16z blog post. Prior to joining a16z, the pair co-created the crypto custody infrastructure for the Novi (formerly known as Calibra) wallet at Facebook.
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Faizullabhoy and Eddequiouaq did not immediately respond to requests for comment and a spokesman for a16z declined to comment.