David Marcus, the former chief of payments and crypto at Meta, on Thursday announced his entrepreneurial foray into the Bitcoin ecosystem. He announced launching a startup Lightspark to explore, build and extend the capabilities and utility of Bitcoin, in the backdrop of his exit from Meta in November last year.
All In On Bitcoin
Marcus shared the news in a tweet thread that said, “We are starting a new company called Lightspark to explore, build and extend the capabilities and utility of Bitcoin. As a first step, we are actively assembling a team to dive deeper into the Lightning Network.”
He further added,
“We are thrilled to be joined by like-minded investors, notably a16z crypto and Paradigm, who are co-leading this first round, as well as ThriveCapital, Coatue, FelixCapital, RibbitCapital, MatrixPartners, Zeev Ventures and others. We are excited to dive into Lightning, learn more, and work alongside the community.”
In the capacity of co-founder and chief executive officer, Marcus will serve along with a number of former Meta employees who were involved with crypto projects.
Trending Stories
‘Downturns are good moments’
Interestingly, the announcement comes amid a prevailing widespread meltdown in the cryptocurrency market. In contrast with popular market sentiment that shies away from making positive announcements during bearing times, Marcus said in his statement that “Downturns are good moments to focus on building and creating value with mission-aligned people.”
The former Meta executive is known for his expertise in the fintech and cryptocurrency space. While at Meta, he predominantly worked on two crypto-centric projects, Novi and Diem. While Novi was a cryptocurrency wallet that was meant to allow users to exchange stablecoins using a mobile app, the Diem cryptocurrency project was subject to continuous regulatory hurdles. Widespread industry resistance forced Meta to slow down roll out of new updates in the project.
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
