Blog

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 stated, “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 assembling a team to dive deeper into the Lightning Network.”

He additional added,

“We are thrilled to be joined by like-minded investors, notably a16z crypto and Paradigm, who are co-leading this first round, as well as ThriveCapital, Coatue, FelixCapital, RibbitCapital, MatrixPartners, Zeev Ventures and others. We are excited to dive into Lightning, learn more, and work alongside the community.”

In the capability of co-founder and chief government officer, Marcus will serve together with quite a lot of former Meta staff who had been concerned with crypto tasks.

‘Downturns are good moments’

Interestingly, the announcement comes amid a prevailing widespread meltdown within the cryptocurrency market. In distinction with standard market sentiment that shies away from making optimistic bulletins throughout bearing instances, Marcus stated in his assertion that “Downturns are good moments to focus on building and creating value with mission-aligned people.”

The former Meta government is thought for his experience within the fintech and cryptocurrency area. While at Meta, he predominantly labored on two crypto-centric tasks, Novi and Diem. While Novi was a cryptocurrency pockets that was meant to permit customers to trade stablecoins utilizing a cell app, the Diem cryptocurrency venture was topic to steady regulatory hurdles. Widespread business resistance compelled Meta to decelerate roll out of latest updates within the venture.

Anvesh is eager on writing about main bulletins round crypto adoption by establishments and standard personalities. Having been related to the cryptocurrency business since 2016, his curiosity on this area helped pivot his journalism profession to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and attain out to him at anvesh (at) coingape.com

The offered content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.