David Marcus, the former head of payments and crypto at Meta, announced his foray into the bitcoin ecosystem on Thursday. He announced the launch of Lightspark, a startup to explore, build and expand the capabilities and usefulness of bitcoin, in the backdrop of his exit from Meta in November last year.
all on bitcoin
Marcus shared the news tweet thread That said, “We are starting a new company called LightSpark to explore, build and expand the capabilities and usefulness of bitcoin. As a first step, we will enlist a team to dive deeper into the Lightning Network.” actively collecting.”
He further added,
“We are thrilled to be joined by like-minded investors, especially a16z Crypto and Paradigm, who are co-leading this first round, as well as ThriveCapital, Coatue, FelixCapital, RibbitCapital, MatrixPartners, Zeev Ventures and others. We Excited to dive into Lightning, learn more, and work with the community.”
In the capacity of co-founder and CEO, Marcus will work with several former Meta employees who were involved in crypto projects.
‘Recessions are good moments’
Interestingly, the announcement came amid a widespread downturn in the cryptocurrency market. Contrary to popular market sentiment, which shy away from making positive announcements in times of impact, Marcus said in his statement that “recessions 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 mainly worked on two crypto-focused projects, Novi and Diem. While Novi was a cryptocurrency wallet intended to allow users to exchange stablecoins using a mobile app, the Diem cryptocurrency project was subject to constant regulatory hurdles. Widespread industry resistance forced Meta to slow the roll out of new updates to the project.
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