Riyaz Faizullabhoy, former Chief Technology Officer (CTO), and Nassim Eddequiouaq, former Chief Information Security Officer (CISO) of venture capital firm Andreessen Horowitz (a16z), are reportedly starting a cryptocurrency custody firm focused on institutional clients. The new venture has the backing and seed funding of a16z. Faizullabhoy and Eddequiouaq both left a16z in February 2023 to pursue the new custody venture. They previously worked together on crypto at digital asset custody specialist Anchorage and co-created the crypto custody infrastructure for the Novi (formerly known as Calibra) wallet at Facebook. Institutional crypto custody is a busy space, and the new venture will compete with other technologies available to manage cryptographic keys for hedge funds, asset managers, and banks. (Coindesk)