David Marcus, the co-maker of Facebook’s currently shut stablecoin project Diem, has sent off his own Bitcoin-based startup, Lightspark as indicated by a report from the Block. The new organization is upheld by outstanding crypto-financial backers like A16z, Paradigm, Coatue, and Matrix Partners.
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Marcus was driving Facebook’s crypto and monetary administration activities however decided to venture down last November inferable from the disappointment of Diem, which eventually got auctions off to Silvergate in January this year. He has additionally filled in as PayPal’s leader prior.
Presently through his new pursuit, Lightspark, Marcus intends to create a backend foundation for organizations, designers, and vendors, hoping to execute on the Lightning organization. Lightning is a convention based on top of Bitcoin to assist with supporting exchanges that are more modest and more affordable.
The organization uncovered no valuation nor the amount it has raised from financial backers, while it won’t zero in on building its own stablecoin or cryptographic money. Remarking on the arrangement, a16z financial backer Sriram Krishan commented:
“We’ve always been huge supporters of Bitcoin’s unique history and role in crypto. We’ve been expecting to support a group to grow on top of Bitcoin and think David Marcus and the Lightspark group that he’s assembled can provide electrifying new mechanical development to Bitcoin and the Lightning Network.”
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About David Marcus
David Marcus (born April 12, 1973) is a businessman from the United States. He is a co-founder of Diem, a cryptocurrency project launched by Facebook. He is a former PayPal president and Facebook Vice President of Messaging Products, wherein he oversaw the Facebook Messenger operation from 2014 to 2018. Marcus was named to the Coinbase Board of Directors in December 2017, and he stepped down in 2018. He resigned from Facebook in 2021.
Marcus launched GTN Telecom, a Geneva-based provider of internet access and telephone service, at the age of 23 in 1996. He was the company’s Chairman and CEO until it was purchased by World Access in 2000.
Marcus then created Echovox, a mobile media monetization startup. In 2008, he established Zong, an Echovox spinoff that allowed consumers to pay for things online using their mobile phone bills.
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