David Marcus Launches Bitcoin Payments Startup Lightspark – David Marcus, the former head of Meta’s cryptocurrency project, is emphasizing the role he believes crypto will have in the future for payments. Marcus stated on social media this week that he and others were creating a cryptocurrency firm called Lightspark, which hopes to use crypto’s capabilities for payments.
Marcus isn’t working alone on this project. For this startup, he engaged some former Meta employees. While the company’s details are still unclear, Marcus revealed that Lightning Network (LN), Bitcoin’s second layer scalability mechanism, will be involved.
In response, he stated:
“As a first step, we’re putting together a team to learn more about the Lightning Network.”
Marcus has been able to attract prominent names in the VC field, like A16z and Paradigm, who have co-led an initial financing round with an undisclosed amount raised, while the firm is still in the exploratory stages.
Ribbit Capital, Thrive Capital, Felix Capital, Matrix Partners, Coatue, and Zeev Ventures were among the other investors in the round.
The timing of the debut of Lightspark may not be ideal for some, as the market is currently experiencing a downturn due to the collapse of the Terra environment and the stock market. Marcus, on the other hand, brushed aside the comments on social media, noting that:
“Downturns are ideal times to focus on building and generating value with people who share one’s mission. We’re enthusiastic to learn more about Lightning and work with the community.”
David Marcus Launches Bitcoin Payments Startup Lightspark – Lightning Network, with its low transaction fees, might be very appealing to a payments provider, albeit it has received some criticism from the crypto community.
According to 1ML, a Lightning Network statistics site, the technology, which was suggested in 2015, has come a long way since its introduction, with 3,807.15 BTC held in its system and more than 17,000 active nodes.