David Marcus has announced the launch of a new company called Lightspark, which aims to expand on the utility and capabilities of Bitcoin. This comes months after he left Meta’s cryptocurrency attempt – Diem – where he spearheaded the project.
Marcus announced the news in a tweet thread on Thursday (May 12, 2022), stating that the first step will be to form a team which would further explore the Lightning Network.
The ex-Meta executive said:
“Downturns are good moments to focus on building and creating value with mission-aligned people. We’re excited to dive into Lightning, learn more, and work alongside the community. We’ll share more about our work as we make progress!”
While there is no robust information about the new startup, Lightspark’s first round is led by Andreessen Horowitz (a16z) and Paradigm. Other investors participating in the event include Ribbit Capital, Thrive Capital, Zeev Ventures, Felix Capital, among others.
According to TechCrunch, Marcus will serve as the company’s CEO, with some former Meta crypto members occupying executive positions.
Marcus was one of the co-creators of the Meta’s Diem project (formerly Libra) and was in charge of the Calibra digital wallet. He previously served as PayPal’s president, and was also in charge of Facebook Messenger.
In November 2021, Marcus announced that he would leave Meta, after spending seven years at the company. Shortly after, the company disassembled the Diem initiative, which is now trying to get revived with another team under a new name – Aptos.