Notice: Trying to get property 'child' of non-object in /home/555023.cloudwaysapps.com/haxqeydxna/public_html/wp-content/themes/jnews/class/ContentTag.php on line 45
Notice: Trying to get property 'child' of non-object in /home/555023.cloudwaysapps.com/haxqeydxna/public_html/wp-content/themes/jnews/class/ContentTag.php on line 27
If you’ve been interested in Facebook’s crypto projects, you probably already know David Marcus. After being head of Facebook Messenger, he manages projects related to payments on social networks. And when Facebook wanted to enter the crypto market with the creation of the cryptocurrency Diem and the Novi Wallet, Marcus was also on the push.
Sadly, or not, the crypto diem project faltered. And in the face of opposition from American regulators, it was eventually abandoned. For his part, David Marcus had announced his resignation before the Diem project failed.
In the publication announcing his retirement, he also stated that he is focusing on new projects. And this week, the former Facebook exec is formalizing his company: Lightspark. According to a tweet from Marcus, this new company will explore, build and expand the capabilities and uses of Bitcoin.
Lightspark is currently in the process of assembling a team to carry out this project. David Marcus is the CEO of this company, while according to our colleagues at TechCrunch, former employees of Facebook’s crypto division hold other senior positions.
Investors attracted by David Marcus’ new project
We also know that Lightspark has already raised funds. The amount of the first round is unknown, but we do know that it was co-led by a16z Crypto and Paradigm with participation from Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners and Zeev Ventures.
The timing of this announcement is very special as David Marcus announces the launch of this new project at a time when crypto prices, including bitcoin, are declining. But the former crypto chief at Facebook still seems optimistic.
“Downturns are good times to focus on building and creating value with mission-driven employees. We look forward to diving into Lightning, learning more, and collaborating with the community. We’ll share more about our work as we make progress! », we read in one of his tweets. Bitcoin’s Lightning Network helps make payments faster, but it also lowers costs. And the fact that Lightspark’s CEO mentions this network is already indicative of the products being developed by the company.
