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Former Meta executive David Marcus introduces a Bitcoin-focused startup

David Marcus has announced the formation of a new company called Lightspark, which aims to leverage the power and capabilities of Bitcoin to expand. This comes months after he left Meta’s cryptocurrency venture – Diem – where he led the project.

  • Marcus announced the news in a tweet thread on Thursday (May 12, 2022), stating that the first step will be to form a team that will Lightning Network would explore further.
  • The ex-meta manager said:

“Downturns are good times to focus on building and delivering value with mission-driven employees. We look forward to diving into Lightning, learning more, and collaborating with the community. We will report more about our work as we make progress!”

  • Although there is no reliable information about the new startup, the first round of Lightspark will be led by Andreessen Horowitz (a16z) and Paradigm. Other investors attending the event include Ribbit Capital, Thrive Capital, Zeev Ventures and Felix Capital.
  • According to TechCrunch, Marcus will serve as the company’s CEO, with a number of former Meta-Crypto members filling senior positions.
  • Marcus was one of the co-creators of the Meta (formerly Libra) Diem project and responsible for the Calibra digital wallet. He was previously President of PayPal and also responsible for Facebook Messenger.
  • In November 2021, Marcus announced he was leaving Meta after spending seven years with the company. Shortly thereafter, the company dismantled the Diem Initiative, which is now trying to be revived with another team under a new name – Aptos.
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Source: Crypto News Deutsch

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