Marc Andreessen, founder of the billionaire venture capital company A16z, may resign from the board of Meta due to the company’s investment in the Web3 site.
Business Insider reported on Friday that a source close to the case said: “I would not be surprised after that” if Andreessen left the board within the next few months. The second election can take place as early as May, when the board is facing the next re-election.
Andreessen has not made any public statements about his future at Metaboard.
Meta has started or acquired several Web3 projects related to Metaverse, non-fungible tokens (NFT), social media, finance and entertainment, which means that the a16z crypto empire can create a conflict of interest. On March 18, Meta filed a patent application for its user identification software, which is most commonly used in hardware and e-wallets such as MetaMask or Ledger.
Meanwhile, A16z is a leading crypto venture capital firm. Contributed to lead a recent investment round in Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), and launched a $ 30 million fund on March 11 to support NFT art projects. Yuga Labs’ $ 450 million investment round represents one of the largest NFT project rounds ever.
Other previous or active investments from A16z in the crypto area include decentralized exchange Uniswap, central exchange Coinbase, NFT OpenSea marketplace, 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 is set to raise $ 4.5 billion for its next fund in the coming months, making it the largest project to date. .
The A16z representative denied the rumors and told Business Insider:
“If he retired, he would not know about it. So no, no. At least not now.”
Andreessen has been on Facebook’s board since 2008, longer than any other current member of the Meta team. Facebook top investor Peter Thiel will retire in May for a number of reasons, including his crypto investment in Block.one, the blockchain solution company behind the BitPanda EOS blockchain and cryptocurrency trading platform.