after his resignation FacebookDavid Marcus, the former crypto chief of the company, has launched himself into the crypto world. news was announced on his official Twitter handle on May 12, 2022.
Marcus defends his move to launch a crypto startup
The news received positive reactions with many users applauding the move and a few others suggesting plans to make the move even better. Marcus reveals its key partners at this early stage and further reveals the name of the project as Lightspark. This project is David’s way of using the slowdown and turning it into something valuable and he has promised to share more updates as they come.
Based on his tweet announcing the launch of the project, Marcus revealed that Lightspark intends to explore, build and expand the capabilities and utilities of bitcoin. The first real criticism about the project was driven by suspicions by the crypto community about the project’s partners. In his defense, Marcus’ follow-up tweet showed a commitment to learning and partnering with the community.
David Marcus joined Facebook in 2014 after departing from PayPal, which he headed as president. He rose through the ranks to become the crypto chief of Facebook and was one of the few to propose a cryptocurrency for the company. He decided to exit the company in late 2021 mostly because of the company’s failed attempt to launch a cryptocurrency.
Meta progress so far
On October 20, 2021, Facebook CEO Mark Zuckerberg revealed that the company was rebranding and unveiled a name change. meta from facebook, According to him, Meta plans to shift the company’s previous focus to one product. He further explained Meta’s plan to prepare for the future rather than the present.
Facebook, WhatsApp and Instagram are the three major social media platforms and meta companies, and they each reserve a license to retain their own names, despite the seeming change in identity. Meta wants to manage the Metaverse which is 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 which is an infinity symbol.
Like every innovation, Zuckerberg and Meta have had their fair share of criticisms. Zuckerberg says he wants to end the monopoly of a single brand, but not everyone is convinced.
The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.