David Marcus is the former head of cryptocurrency at Meta. Lightspark will be another payments startup that uses crypto as its main payment method. The startup, which will have Marcus at the helm as CEO, also features some of Meta’s former employees and will explore the possibilities of using the layer 2 Lightning Network (LN) as a vehicle for bitcoin payments.
Meta’s Former Crypto Boss Kickstarts Lightspark
David Marcus, the ex-coin project manager at Meta, has increased the significance he sees crypto having for future payments. Marcus, along with others, announced on social media that they were starting Lightspark, a crypto company that will harness the potential of cryptocurrency for payments.
Marcus isn’t the only one who has to do this. Some of his former Meta colleagues were recruited to help him with this startup. Marcus said that Lightning Network (LN), which is the second layer of scalability for Bitcoin, would be part of this company, although details are not available. He explained that Lightning Network (LN), the second layer scalability protocol for Bitcoin, will be involved. stated:
As a first step, we’re actively assembling a team to dive deeper into the Lightning Network.
Although the company is still exploratory, Marcus was able to draw major names from the VC world, such as Paradigm and A16z, who co-led an initial round of investing with an undisclosed amount. Other VCs who participated were Thrive Capital and Coatue Capital, Felix Capital, Ribbit Capital as well as Matrix Partners and Zeev Ventures.
Bear Market and Lightning Network
Some people feel that the timing for Lightspark’s launch was not the right one, considering the downturn in the stock market and collapse of Terra Ecosystem. Marcus dismissed these social media comments. explaining that:
A good moment to build and create value with mission-aligned individuals is when downturns occur. We’re excited to dive into Lightning, learn more, and work alongside the community.
Lightning Network’s low transaction fees can make it attractive to payments companies. However, there have been some criticisms from the crypto community. Since its inception in 2015, the technology has seen significant progress. According to 1ML (a Lightning Network statistics website), there are now 3,807.15 BTC and over 17,000 active nodes.
Let us know your thoughts on Lightspark, the new crypto payments company. Leave a comment below.
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