Why Facebook’s Former Crypto Head Is Starting His Own Crypto Startup?

Sunil Sharma
May 13, 2022
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Following his resignation from Facebook, David Marcus, the company’s former Crypto head has launched himself into the crypto world. The news was announced on his official Twitter handle on May 12th, 2022. 

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Marcus defends his move to launch a crypto startup

The news gained positive reactions with a lot of users commending the move and a few others even suggesting plans to make the move even better. Marcus reveals his key partners in this beginning phase and further unveils the project name as Lightspark. The project is David’s way of utilizing a downturn and turning it into something valuable and he’s made a promise to share more updates as they come. 

Based on his tweet announcing the launch of the project, Marcus reveals Litespark intends to explore, build and extend the capabilities and utilities of Bitcoin. The first real criticisms about the project was inspired by the crypto community being skeptical about the project’s partners. In his defence, Marcus’ follow-up tweet showed a commitment to learning and partnering with the community.

David Marcus joined Facebook in 2014 following his departure from Paypal, whom he headed as President. He rose through the ranks to become Facebook’s crypto head and was one of a few people to propose a cryptocurrency for the company. He made the decision to exit the company at the end of 2021 mostly because of the failed attempt in launching the company’s cryptocurrency. 

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Meta’s Progression So Far

On 20th October, 2021, Mark Zuckerberg, Facebook’s CEO revealed the company was rebranding and unveiled a change of name from Facebook to Meta. According to him, Meta has a plan to shift the company’s previous focus on one product. He further explained Meta’s plan to be geared towards the future rather than the present.

Facebook, WhatsApp and Instagram are three social media platforms and key companies of Meta and despite the seemingly change in identity, they each reserve the licence to retain their names. Meta seeks to manage the metaverse which is in itself, a 3D virtual business environment. Facebook’s initial logo, represented by the letter ‘f’ was changed as a result of the rebrand and replaced by Meta’s which is an infinity symbol.

As with every innovation, Zuckerberg and Meta have had their fair share of criticisms. Zuckerberg says he wishes to eliminate monopoly by a single brand but not everyone is convinced. 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.