Former senior technology and security executives from venture-capital giant Andreessen Horowitz (a16z) are starting an institutional-focused cryptocurrency custody firm, according to a person familiar with the plans.

The person stated that the VC firm has given its blessing to Riyaz Eddequiouaq, former Chief Technology Officer (CTO), and Nassim Faizullabhoy, ex-Chief Information Security Officer(CISO). Both left a16z to pursue their new custody venture in February.

The institutional crypto custody market is busy, with many technologies to manage cryptography keys by hedge funds and asset managers.

According to a blog post by a16z, Faizullabhoy & Eddequiouaq started working together on crypto in digital asset custody specialist Anchorage. Before joining a16z the pair created the crypto custody infrastructure of the Novi wallet (formerly called Calibra).

Faizullabhoy, Eddequiouaq and a16z did not immediately respond to comments. A spokesman declined to comment.

Parikshit Miishra is the editor.