Marc Andreessen May Leave Metaboard Because of Crypto Empire: Rumors

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Last updated March 26, 2022

Peter Theil, along with another billionaire investor, could leave the meta board by making a one-time investment in Web3, against Meta’s interests.

Marc Andreessen, a billionaire co-founder of crypto venture capital firm A16z, is likely to step down from Meta’s board of directors due to his company’s strong investment in the Web3 space.

If Andreessen leaves the board in the coming months, the next source will say: “I’m not even remotely surprised,” a close source reported Friday. Andreessen could then retire after the next board election in May.

Although Andreessen has not made a public statement about his future in the Meta board.

Meta has reportedly started acquiring and building various projects related to the Metaverse, non-exchangeable tokens (NFT), social networks, finance, entertainment. On March 18, Meta applied for proprietary user identification software commonly used on hardware and e-wallets, similar to that of the MetaMask or Ledger.

Meanwhile, A16z is the leading VC firm in the cryptocurrency space. It led Yuga Labs, creator of the Board Ape Yacht Club (BAYC), to launch a $30 million fund on March 11 to support NFT art projects, and spearheaded the recent round of investment. The $450 million investment round at Yuga Labs is one of the largest NFT project seed rounds to date.

Past investments in crypto space by A16z include decentralized exchange Uniswap, centralized exchange Coinbase, open-source NFT marketplace, decentralized financial (DeFI) protocol MakerDAO, and the decentralized lending platform.

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

Although the A16z spokesperson denied the rumors while addressing it, saying:

“I don’t know if he’s going to come down. So no, it’s not going to happen. Not yet.”

Andreessen has been on the Facebook board since 2008 and has been on the board longer than the current non-meta team members. Peter Theil, an early Facebook investor, will step down in May for a variety of reasons, including investing in Block.one, the blockchain solutions company behind EOS blockchain, and BitPanda, a crypto trading platform.

Also Read:Indian MP Says Crypto Is A Problem For The World

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