David Marcus, the previous chief of funds and crypto at Meta, on Thursday introduced his entrepreneurial foray into the Bitcoin ecosystem. He introduced launching a startup Lightspark to discover, construct and lengthen the capabilities and utility of Bitcoin, within the backdrop of his exit from Meta in November final yr.
All In On Bitcoin
Marcus shared the information in a tweet thread that mentioned, “We’re beginning a brand new firm known as Lightspark to discover, construct and lengthen the capabilities and utility of Bitcoin. As a primary step, we’re actively assembling a staff to dive deeper into the Lightning Community.”
He additional added,
“We’re thrilled to be joined by like-minded traders, notably a16z crypto and Paradigm, who’re co-leading this primary spherical, in addition to ThriveCapital, Coatue, FelixCapital, RibbitCapital, MatrixPartners, Zeev Ventures and others. We’re excited to dive into Lightning, be taught extra, and work alongside the group.”
Within the capability of co-founder and chief government officer, Marcus will serve together with plenty of former Meta workers who had been concerned with crypto tasks.
‘Downturns are good moments’
Curiously, the announcement comes amid a prevailing widespread meltdown within the cryptocurrency market. In distinction with in style market sentiment that shies away from making constructive bulletins throughout bearing occasions, Marcus mentioned in his assertion that “Downturns are good moments to give attention to constructing and creating worth with mission-aligned individuals.”
The previous Meta government is understood for his experience within the fintech and cryptocurrency area. Whereas at Meta, he predominantly labored on two crypto-centric tasks, Novi and Diem. Whereas Novi was a cryptocurrency pockets that was meant to permit customers to trade stablecoins utilizing a cell app, the Diem cryptocurrency undertaking was topic to steady regulatory hurdles. Widespread trade resistance compelled Meta to decelerate roll out of recent updates within the undertaking.
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