David Marcus, former cryptocurrency head at Meta, is launching Lightspark, one other funds firm that may use crypto as its central cost instrument. The startup, which may have Marcus on the helm as CEO, additionally options a few of Meta’s former workers and can discover the chances of utilizing the layer 2 Lightning Network (LN) as a automobile for bitcoin funds.
Meta’s Former Crypto Boss Kickstarts Lightspark
David Marcus, former cryptocurrency mission boss at Meta, is doubling down on the significance he thinks crypto might need for funds sooner or later. Marcus introduced this week on social media he and others have been launching a cryptocurrency firm referred to as Lightspark that goals to harness the capabilities of crypto for the funds space.
Marcus is just not alone on this process. He took on some of the previous Meta workers for this startup. While the small print of the corporate are nonetheless scarce, Marcus defined that Lightning Network (LN), the second layer scalability protocol for Bitcoin, will probably be concerned. On this, he stated:
As a primary step, we’re actively assembling a group to dive deeper into the Lightning Network.
While the corporate continues to be in exploratory phases, Marcus has been capable of appeal to main names within the VC area, together with A16z and Paradigm, who’ve co-led an preliminary investing spherical with an undisclosed quantity raised. Other VCs that participated within the spherical embrace Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, and Zeev Ventures.
Bear Market and Lightning Network
To some, the timing of the launch of Lightspark won’t be the very best, because the market faces a downturn with the collapse of the Terra ecosystem and the autumn of the inventory market. However, Marcus dismissed these feedback on social media explaining that:
Downturns are good moments to give attention to constructing and creating worth with mission-aligned folks. We’re excited to dive into Lightning, be taught extra, and work alongside the group.
Lightning Network, with its negligible transaction charges, could be very engaging for a funds firm, although it has not been with out criticism within the crypto group. The know-how, that was proposed again in 2015, has come a great distance since its launch, having now 3,807.15 BTC saved in its system, with greater than 17,000 lively nodes, based on 1ML, a Lightning Network statistics web site.
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