Marc Andreessen Could Leave Meta Board Over Crypto Empire: Reports

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Billionaire co-founder of crypto venture capital firm a16z Marc Andreessen may leave Meta’s board due to his company’s investments in the Web3 space.

Business Insider reported on Friday that a close source said “it wouldn’t even be a surprise to me” if Andreessen steps down from the board in the next few months. Andreessen could leave as early as May when the board is next re-elected.

Andreessen has not made a public statement regarding his future on the Meta board.

Meta has started building or acquiring several web3 projects related to metaverse, non-fungible tokens (NFTs), social media, finance and entertainment, which means a16z’s crypto empire could create a conflict of interest. ‘interests. On March 18, Meta filed a patent application for the most commonly used user identification software in hardware and electronic wallets similar to MetaMask or Ledger.

A16z, on the other hand, is the leading venture capital firm in the cryptocurrency space. He helped lead the recent round of investment in Yuga Labs, creator of the Bored Ape Yacht Club (BAYC), and launched a $30 million fund on March 11 to support NFT’s artistic endeavors. The $450 million investment round in Yuga Labs marks one of the largest NFT project seed rounds ever.

A16z’s other past or active investments in the crypto space include decentralized exchange Uniswap, centralized exchange Coinbase, NFT marketplace OpenSea, decentralized finance (DeFi) protocol MakerDAO, and decentralized lending platform Compound. .

A16z raised $2.2 billion for its third crypto fund in the middle of last year and intends to raise $4.5 billion for its next fund in the coming months, making it the largest company to date.

A spokesperson for a16z denied the rumours, telling Business Insider:

“If he had to resign, he doesn’t know. So no, it’s not happening. At least not now.”

Andreessen has been on Facebook’s former board since 2008, longer than any current member of the non-Meta team. Facebook’s first investor, Peter Thiel, will pull out in May for a number of reasons, including his crypto investments in Block.one, the blockchain solutions company behind the EOS blockchain and crypto trading platform BitPanda.

Related: Team Diem members raise $200 million to launch the blockchain derived from it


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