Crypto currency

Meta’s Former Crypto Head David Marcus Launches Bitcoin Startup

David Marcus, who was known for heading crypto and digital finance operations of Meta (formerly Facebook), has unveiled his new startup, Lightspark.

The company will focus on building use cases for Bitcoin. It will use the  Lightning Network  , a protocol that was developed for making smaller transactions on the Bitcoin blockchain. The protocol promises to make Bitcoin efficient for daily use, but even after years of its development, it is yet to hit the mainstream.

“Downturns are good moments to focus on building and creating value with mission-aligned people. We’re excited to dive into Lightning, learn more, and work alongside the community,” Marcus wrote in a statement.

The startup further clarified that it will not develop any cryptocurrency or  stablecoin  .

The crypto startup has already received the backing of major investors, including a16z Crypto, Paradigm, Coatue, and Matrix Partners. But the company did not disclose the amount it raised or the current valuation.

A Crypto Expert

Marcus was a long-time employee of Meta, spending more than seven years with the company. He headed Meta’s crypto wallet Novi for almost four years and sat on the board of the Diem Association. He was also credited to be one of the creators of stablecoin Diem. But the project has now been abandoned, and Meta and its partners sold the assets to Silvergate Bank.

Marcus also worked with PayPal earlier and also founded and headed a couple of other payments platforms.

Lightspark attracted several former executives of Meta’s crypto division and now-closed stablecoin project Diem (formerly Libra).

James Everingham, who was the former engineering vice president of Novi, joined Marcus’ startup. Christian Catalini, another executive who helped develop Diem, has been charged with the economic and strategy efforts of Lightspark. Further, the communication efforts of the new company will be handled by former Robinhood’s chief marketing and communication officer, Christina Smedley.

David Marcus, who was known for heading crypto and digital finance operations of Meta (formerly Facebook), has unveiled his new startup, Lightspark.

The company will focus on building use cases for Bitcoin. It will use the  Lightning Network  , a protocol that was developed for making smaller transactions on the Bitcoin blockchain. The protocol promises to make Bitcoin efficient for daily use, but even after years of its development, it is yet to hit the mainstream.

“Downturns are good moments to focus on building and creating value with mission-aligned people. We’re excited to dive into Lightning, learn more, and work alongside the community,” Marcus wrote in a statement.

The startup further clarified that it will not develop any cryptocurrency or  stablecoin  .

The crypto startup has already received the backing of major investors, including a16z Crypto, Paradigm, Coatue, and Matrix Partners. But the company did not disclose the amount it raised or the current valuation.

A Crypto Expert

Marcus was a long-time employee of Meta, spending more than seven years with the company. He headed Meta’s crypto wallet Novi for almost four years and sat on the board of the Diem Association. He was also credited to be one of the creators of stablecoin Diem. But the project has now been abandoned, and Meta and its partners sold the assets to Silvergate Bank.

Marcus also worked with PayPal earlier and also founded and headed a couple of other payments platforms.

Lightspark attracted several former executives of Meta’s crypto division and now-closed stablecoin project Diem (formerly Libra).

James Everingham, who was the former engineering vice president of Novi, joined Marcus’ startup. Christian Catalini, another executive who helped develop Diem, has been charged with the economic and strategy efforts of Lightspark. Further, the communication efforts of the new company will be handled by former Robinhood’s chief marketing and communication officer, Christina Smedley.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button