David Marcus, Ex-Crypto Head Of Meta, Launches Lightning Network-Focused Company, Lightspark – Crypto Trends

The former leader of Facebook Messenger, Meta, and also ex-executive of PayPal, David Marcusannounced on Thursday, May 12 via Twitter the creation of Lightspark, a company focused on exploring and creating solutions in the layer two network of the Bitcoin Lightning Network.

I wanted to share that we are starting a new company called @lightspark to explore, build and extend the capabilities and utility of #Bitcoin. As a first step, we are actively building a team to dive deeper into the Lightning Network.

Marcus said that Lightsapark’s first step will be the formation of a team dedicated to delving into the Lightning Network. Taking into account the current price of Bitcoin denominated in dollars and its strong correction, the executive said:

Recessions are good times to focus on building and creating value with people aligned with the mission

David Marcus

Lightspark has raised funding for its cause from Series A funds led by a16z crypto and Paradigm, which also included Matrix, Thrive Capital, Coatue, Felix Capital, Zeev Ventures, and Ribbit Capital. Lightspark did not disclose the amount of capital raised.

Bitcoin’s layer two network, Lightning Network, is a project designed to create faster and cheaper transactions on top of the Bitcoin network. With Lightspark, Marcus will develop a new company working on the most decentralized blockchain, Bitcoin. According to Dana Stalder, partner at Matrix Partners, Marcus goes back to his roots as a founder of technology companies, she states in this regard that:

When I met David in 2010, he was in his early 30s and had never really had a job. He had always been a founder. He is what he is: a startup founder through and through. Although he had a very successful tour through PayPal and Facebook, he has returned to play to his strengths.

Jack Dorsey’s Block Inc., which also develops software focused on the Lightning Network, is another key player in the industry where Marcus wants to compete. The payment company started a division called TBD, which is dedicated to blockchain development tools.

It may interest you: Jack Dorsey and Block Inc. is designing a Bitcoin hardware wallet that will use a fingerprint sensor

Ehe timing for the launch of this Lightning Network technology-focused company could have been better had it not been for Bitcoin and the crypto ecosystem in general having suffered massive declines in its benchmark value against the dollar. According to sources, a prolonged bear market could translate into lower investor interest.

Main Image: Logo Lightspark

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