Facebook’sFacebook’s former crypto head launches new bitcoin-focused startup backed by a16z and Paradigm

David Marcus, the co-creator of Facebook’s now closed stablecoin venture Diem, has launched his personal Bitcoin-based startup, Lightspark in response to a report from the Block. The brand new firm is backed by notable crypto traders like a16z, Paradigm, Coatue, and Matrix Companions.

Marcus was main Fb’s crypto and monetary providers operations however selected to step down final November owing to the failure of Diem, which finally
got sold off to Silvergate in January this yr. He has additionally served as PayPal’s president earlier.

Now by means of his new enterprise, Lightspark, Marcus goals to develop a backend infrastructure for firms, builders, and retailers, seeking to transact on the Lightning community. Lightning is a protocol constructed on prime of Bitcoin to assist help transactions which are smaller and cheaper.

The corporate didn’t disclose any valuation nor how a lot it has raised from traders, whereas it gained’t deal with constructing its personal stablecoin or cryptocurrency.

Commenting on the deal, a16z investor Sriram Krishan remarked:

“We’ve at all times been large believers in Bitcoin’s distinctive historical past and position in crypto. We have been seeking to again a staff to construct on prime of Bitcoin and imagine David Marcus and the Lightspark staff that he is assembled can carry thrilling new technological innovation to Bitcoin and the Lightning Community.”

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