After his departure from Facebook in November, many crypto industry insiders speculated where longtime chief executive David Marcus would end up. Today, the former Messenger executive and Paypal CEO shared some details about his next company. light spark which will be built on Bitcoin’s Lightning network.
Markus will be the CEO, with a number of former members of the Meta crypto team holding senior positions.
There are few details about what exactly the startup does. The short press release notes that the startup aims to “explore, build and expand the power and utility of Bitcoin.” Oddly enough, the firm does not disclose funding amounts, but does say that their first round is being jointly held with a16z Crypto and Paradigm, with participation from Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, and Zeev Ventures.
The Bitcoin Lightning Network allows for cheaper and faster transactions than the underlying network allows, making it a more ideal platform for payments and decentralized applications.
The timing for disclosure could be better as Bitcoin and the wider crypto market have suffered huge losses in recent days. A prolonged cryptocurrency bear market could mean a decline in investor interest and a shrinking potential hiring pool.
Credit: techcrunch.com /