Former senior technology and security executives from venture-capital giant Andreessen Horowitz (a16z) are starting an institutional-focused cryptocurrency custody firm, according to a person familiar with the plans.

Ex-Chief Technology Officer (CTO) Riyaz Faizullabhoy and former Chief Information Security Officer (CISO) Nassim Eddequiouaq have the blessing and seed backing of the VC firm, the person said. The duo both left a16z in February 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.

Faizullabhoy and Eddequiouaq didn't immediately respond to requests for comment and a spokesman for a16z declined to comment.

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Ian Allison

Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.