Facebook quits crypto project? Meanwhile, more and more churches accept them for donations


Two deFacebook’s best engineers on his blockchain and digital currency project left the company to join the crypto team of Andreessen Horowitz, the venture capital firm told CNBC on Monday.

Riyaz Faizullabhoy And Nassim Eddequiouaq have spent the past two years working on the digital wallet Novi from Facebook, originally called Calibrate. The effort faced stiff resistance from regulators and lawmakers around the world, and many of its high-profile leaders have left.

Faizullabhoy and Eddequiouaq will be respectively as chief technology officer and chief information security officer in Andreessen’s crypto team, called a16z Crypto. In June, the company announced a new $ 2.2 billion cryptocurrency-focused fund.

“Andreessen Horowitz has shown an impressive dedication to the advancement of the entire crypto ecosystem over the past decade and we jumped at the opportunity to join their core team and provide technical support to their rapidly expanding portfolio.”Faizullabhoy told CNBC in a statement.

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After spent the past two years working on the digital currency wallet Novi of Facebook, Riyaz Faizullabhoy joins Andreessen Horowitz as chief technology officer of the venture capital firm’s a16z Crypto team.

While Andreessen has been actively investing in cryptocurrencies and blockchains and reaped a huge benefit from an early bet on Coinbase, which was made public in April, Facebook has yet to show a lot of progress in the space.

La company announced Calibra and his Libra digital currency in 2019 with much fanfare and said they hope to launch the products in 2020. With less than three months remaining in 2021, neither have been released, although the names have changed. Calibra became Novi and Libra was renamed Diem last year.

Morgan Beller, one of the founders of Facebook’s crypto unit, left his position as head of strategy at Novi in ​​September 2020 to join venture capital firm NFX. Fellow co-creator Kevin Weil left in March to join satellite imagery company Planet Labs.

Marc Andreessen, who co-founded a16z in 2009, served on Facebook’s board of directors for a year before opening his company. Its cryptocurrency team has around 50 members, including external consultants, said Anthony Albanese, the fund’s chief operating officer. According to its website, the group has made three dozen investments, including in digital currencies, trading services and other crypto funds.

Prior to joining Facebook, the duo worked at Anchorage, a digital asset bank start-up. At Facebook, they established the technology infrastructure that would hold the digital currency within the company’s Novi wallet.

Jamie Dimon attacks cryptocurrencies again

Jamie Dimon, president and CEO of JPMorgan Chase, is not a fan of bitcoin. And once again he wasted no time in reiterating it.

“Personally I think bitcoin is useless”, Dimon said at an Institute of International Finance event on Monday.

But “I don’t want to be a spokesperson, I don’t care. It makes no difference to me, ”he said. “Our clients are adults. I do not agree. This is what the markets do. So, if they want to have access to buy you bitcoins, we can’t keep it but we can give them legitimate access, as clean as possible “.

He stayed true to this statement: In February 2019, JPMorgan said it would launch a digital currency called JPM Coin, and in October 2020 the company created a new unit for blockchain projects.

In August, it began providing its wealth management clients with access to crypto funds, CNBC reported.

But Dimon has kept his cryptocurrency skepticism intact.

Recently, he told Axios CEO Jim VandeHei that bitcoin “has no intrinsic value.” A bit of the same thinking of Warren Buffet, who compared it to gold.


And even though he thinks bitcoin will be long-term, “I’ve always believed it will be made illegal somewhere, like China made it illegal, so I think it’s some crazy gold.”

Dimon also told VandeHei that he thinks “the regulators will regulate it big”.

Jamie Dimon defines bitcoin as worthless, but compares it to cigarettes and admits that customers want it: “Investors are holding onto their bitcoin for the long term. This means that this return could be real ”.

You may be right: Recently, the US government has been focusing more on regulating cryptocurrency markets. Friday, Bloomberg reported that the Biden administration is considering an executive order which will direct federal agencies to study and offer recommendations on the cryptocurrency market.

However, while increased regulation may occur, Federal Reserve Chairman Jerome Powell made it clear in late September that he has no plans to ban bitcoin in the United States.

Some financial experts argue that well-thought-out regulation would be beneficial in the US “If people want cryptocurrencies to become more of a commons, then I think [la regolamentazione sia] a necessary first step, ”Anjali Jariwala, certified financial planner, certified public accountant and founder of Fit Advisors, previously told CNBC Make It.

However, advocates of cryptocurrencies are wary of further regulation – they fear that a certain regulatory framework could stifle cryptocurrency innovation in the United States and push business overseas.

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The first Baptist Church to accept cryptocurrency offers

A Mississippi Baptist church became the first Southern Baptist church to accept cryptocurrencies for donations and tithes.

This is the Back Bay Baptist Church of St. Martin and announced it as the fact that COVID-19 had made it difficult to collect traditional payments.

The church accepts Bitcoin, Ethereum, USD, Dogecoin, Litecoin, Die and Bitcoin cash.

Parishioners can choose to donate or invest an amount as determined by the church, from “a minimum of $ 10” in Litecoin or up to $ 100,000 in Ethereum.

“By adopting these technologies early, I realize it’s not a common thing,” Bennett told Baptist Press. “But I am of the opinion that in 20 or 30 years, cryptocurrency will become a way of life and use blockchain technology. Hopefully our church will be at the forefront ”.

Here are the other churches in the US that accept cryptocurrencies for donations:

  • The Church of Saint John the Evangelist in Goshen in New York
  • Mill Creek Community Church in Kansas
  • Connections Community Church in Idaho
  • Mountain View Baptist Church in California

Bitcoin and Facebook: conclusions

We will continue to take care of all updates on the Facebook and Bitcoin issue.

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