Key Takeaways
- Damaged-down Facebook Finance head David has announced a brand recent cryptocurrency company called Lightspark.
- The company will reportedly focal level on Bitcoin and Lightning. This might perhaps well perhaps well even simply style funding from a16z crypto and other sources.
- Marcus left Facebook, Meta, Diem, and associated initiatives last November. These initiatives all continue in varied kinds.
David Marcus, who beforehand headed Facebook and Meta’s Diem stablecoin project, is founding a brand recent crypto company.
David Marcus Unveils Lightspark
Marcus wrote on Twitter today that he and a team are founding Lighstpark, a brand recent startup that might perhaps leverage Bitcoin and the Lightning Community. As well to Marcus himself, the recent company moreover includes other broken-down Meta workers in govt roles.
Marcus has printed few basic facets about Lightspark’s plans, nonetheless says that the firm will “explore, invent, and enlarge the capabilities and utility of Bitcoin.” He moreover says that the corporate will impact a team to “dive deeper into the Lightning Community.” Given this context, it’s very doubtless that the corporate can also simply impact a crypto payments provider of some form.
The company’s first funding round can be led by a16z Crypto and Paradigm. Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, and Zeev Ventures will moreover exhaust half. Lightspark did no longer shroud how remarkable funding it planned to prefer.
Marcus moreover commented on the recent crypto market downturn, now 60% below its peak. Marcus called this a correct 2nd “to focal level on building and creating rate.”
Facebook, Meta, and Crypto
Marcus resigned from Diem, Facebook, and associated initiatives in November 2021 after the product repeatedly did no longer launch.
Several Diem leaders moreover moved to a16z Crypto last year, which, perhaps no longer coincidentally, is funding Marcus’ recent project.
Diem itself has endured in varied kinds. Damaged-down Diem developers announced a brand recent blockchain called Aptos in February. Diem itself changed into as soon as supplied to Silvergate Bank in a $200 million deal shortly sooner than that.
Facebook’s parent company, meanwhile, is now focusing on integrating non-fungible tokens into Meta and Instagram companies and products. Below its Meta Pay product line, it retains the Novi wallet, associated in the origin with Marcus’ crypto efforts.
Disclosure: On the time of writing, the author of this fragment owned BTC, ETH, and other cryptocurrencies.
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