Following his departure from Facebook in November, lots of crypto industry insiders speculated where long-time govt David Marcus would land. Now, the former Messenger manager and Paypal executive provided some early particulars on his next organization Lightspark, which will be constructing on Bitcoin’s Lightning network.
Marcus will serve as CEO with a amount of ex-Meta crypto team associates serving in government positions.
Particulars are scant on what exactly the startup is performing. A brief press launch notes that the startup is aiming “to investigate, establish and lengthen the abilities and utility of Bitcoin.” Bitcoin’s lightning network allows for less costly and a lot quicker transactions than the base degree community enables, generating it a additional ideal system to leverage for payments and decentralized applications.
The organization did not disclose funding amounts oddly but is sharing that their initial spherical is co-led by a16z Crypto and Paradigm with participation from Prosper Cash, Coatue, Felix Money, Ribbit Funds, Matrix Associates and Zeev Ventures.
The timing for the expose could have been better as Bitcoin and the broader crypto industry have sustained large losses in current times. A prolonged crypto bear current market could imply lowered investor desire and a lesser likely employing pool.