Key Takeaways
- Former Fb Finance head David has introduced a brand new cryptocurrency firm referred to as Lightspark.
- The corporate will reportedly give attention to Bitcoin and Lightning. It would achieve funding from a16z crypto and different sources.
- Marcus left Fb, Meta, Diem, and related tasks final November. These tasks all proceed in numerous kinds.
Share this text
David Marcus, who previously headed Fb and Meta’s Diem stablecoin mission, is founding a brand new crypto firm.
David Marcus Unveils Lightspark
Marcus wrote on Twitter as we speak that he and a workforce are founding Lighstpark, a brand new startup that can leverage Bitcoin and the Lightning Community. Along with Marcus himself, the brand new firm additionally consists of different former Meta workers in govt roles.
Marcus has revealed few particulars about Lightspark’s plans, however says that the agency will “discover, construct, and broaden the capabilities and utility of Bitcoin.” He additionally says that the corporate will create a workforce to “dive deeper into the Lightning Community.” Given this context, it is extremely potential that the corporate might create a crypto funds service of some sort.
The corporate’s first funding spherical will probably be led by a16z Crypto and Paradigm. Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Companions, and Zeev Ventures will even take part. Lightspark didn’t point out how a lot funding it deliberate to lift.
Marcus additionally commented on the latest crypto market downturn, now 60% under its peak. Marcus referred to as this a great second “to give attention to constructing and creating worth.”
Fb, Meta, and Crypto
Marcus resigned from Diem, Fb, and related tasks in November 2021 after the product repeatedly did not launch.
A number of Diem leaders additionally moved to a16z Crypto final yr, which, maybe not coincidentally, is funding Marcus’ new mission.
Diem itself has continued in numerous kinds. Former Diem builders introduced a brand new blockchain referred to as Aptos in February. Diem itself was offered to Silvergate Financial institution in a $200 million deal shortly earlier than that.
Fb’s mother or father firm, in the meantime, is now specializing in integrating non-fungible tokens into Meta and Instagram companies. Below its Meta Pay product line, it retains the Novi pockets, related initially with Marcus’ crypto efforts.
Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.
