Ex-Diem Head David Marcus Launches Crypto Startup

Ex-Diem Head David Marcus Launches Crypto Startup

THELOGICALINDIAN - The above Facebook accounts arch has appear his new aggregation Lightspark

David Marcus, who aforetime headed Facebook and Meta’s Diem stablecoin project, is founding a new crypto company.

David Marcus Unveils Lightspark

Marcus wrote on Twitter today that he and a aggregation are founding Lighstpark, a new startup that will advantage Bitcoin and the Lightning Network. In accession to Marcus himself, the new aggregation additionally includes added above Meta advisers in controlling roles.

Marcus has appear few capacity about Lightspark’s plans, but says that the close will “explore, build, and aggrandize the capabilities and account of Bitcoin.” He additionally says that the aggregation will actualize a aggregation to “dive added into the Lightning Network.” Given this context, it is actual accessible that the aggregation may actualize a crypto payments account of some type.

The company’s aboriginal allotment annular will be led by a16z Crypto and Paradigm. Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, and Zeev Ventures will additionally participate. Lightspark did not announce how abundant allotment it planned to raise.

Marcus additionally commented on the contempo crypto bazaar downturn, now 60% beneath its peak. Marcus alleged this a acceptable moment “to focus on architecture and creating value.”

Facebook, Meta, and Crypto

Marcus accommodated from Diem, Facebook, and associated projects in November 2021 afterwards the artefact again bootless to launch.

Several Diem leaders additionally moved to a16z Crypto aftermost year, which, conceivably not coincidentally, is allotment Marcus’ new project.

Diem itself has connected in assorted forms. Former Diem developers appear a new blockchain alleged Aptos in February. Diem itself was awash to Silvergate Bank in a $200 actor accord anon afore that.

Facebook’s ancestor company, meanwhile, is now absorption on amalgam non-fungible tokens into Meta and Instagram services. Under its Meta Pay artefact line, it retains the Novi wallet, associated initially with Marcus’ crypto efforts.

Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and added cryptocurrencies.