Facebook executive launches bitcoin company, Lightspark

  • David Marcus, former Meta executive for Facebook Messenger, has announced the creation of his new company, Lightspark.
  • Lightspark will focus on building, exploring, and creating on the Bitcoin Lightning Network.
  • Marcus notes that his passionate belief that led to this decision was the “need for change in our payments and financial systems.”

David Marcus, former head of Facebook Messenger and ex-PayPal executive, has announced the creation of Lightspark, a company focused on building, exploring and creating on the Lightning Network of Bitcoin, according to a announcement.

Mark Noted that the first step of Lightspark will be the creation of a dedicated team to dive into the Lightning Network and that “downturns are good times to focus on building and creating value with mission-aligned people”, as the bitcoin price is currently hovering around $28,000.

According to a report by Tech Crunch.

Although details are scarce on the products and services offered by Lightspark, a list of investors was provided for the company’s first round, which included: Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners and Zeev Ventures. A16Z and Paradigm also participated and co-led this round.

Marcus commented on the lack of information provided on the company’s public plan indicating “We’re excited to dive into Lightning, learn more, and work alongside the community. We’ll share more about our work as we progress!”

Marcus is credited with co-creating the stablecoin project Diem, formerly known as Libra, which was eventually canceled by Meta due to regulatory pressure.

November 30, 2021 Marcus announcement that he would be leaving a seven-year engagement with Meta at the end of the year. At that time, Marcus gave us a glimpse of him entering the bitcoin ecosystem when he said, “I remain more passionate than ever about the need to change our payments and financial systems.”