Ex-Facebook crypto chief David Marcus launches Bitcoin payments startup backed by a16z and Paradigm

After his departure from Facebook in November, many crypto industry insider speculated where long-time executive David Marcus would land. Today, the former Messenger boss and Paypal executive offered some early details on his next company Lightspark which will be building on Bitcoin’s Lightning network.

Marcus will serve as CEO with a number of ex-Meta crypto team members serving in executive positions.

Details are scant on what exactly the startup is doing. A short press release notes that the startup is aiming “to explore, build and extend the capabilities and utility of Bitcoin.” The firm did not disclose funding amounts oddly but is sharing that their first round is co-led by a16z Crypto and Paradigm with participation from Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners and Zeev Ventures.

Bitcoin’s lightning network allows for cheaper and faster transactions than the base level network allows, making it a more ideal platform to leverage for payments and decentralized apps.

The timing for the reveal could be better as Bitcoin and the broader crypto market have sustained massive losses in recent days. A prolonged crypto bear market could mean reduced investor interest and a smaller potential hiring pool.

      



Author: AliensFaith
HighTech FinTech researcher, university lecturer & Scholar. He is studying his second doctoral degree at the Hague International University. Studying different fields of Sciences gave him a broad understanding of various aspects of life. His recent researches covered AI, Machine-learning & Automation concepts. The Information Technology Skills & Knowledge gave his company a higher position over other regional high-tech consultancy services. The other qualities and activities which can describe him are a Hobbyist Programmer, Achiever, Strategic Thinker, Futuristic person, and Frequent Traveler.
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