After the failure of the crypto Facebook, here is the new project of David Marcus

If you were interested in Facebook’s crypto projects, you probably already know David Marcus. After having been the boss of Facebook Messenger, he is in charge of projects relating to social network payments. And when Facebook wanted to enter the crypto market, with the creation of the Diem cryptocurrency as well as the Novi wallet, Marcus was also in charge.

Sadly, or not, the crypto Diem project was floundering. And faced with resistance from the American regulator, it ended up being abandoned. David Marcus had, for his part, announced his resignation, before the Diem project collapsed.

In the publication announcing this resignation, he also indicated that he would focus on new projects. And this week, the former Facebook executive formalizes his company: Lightspark. According to a tweet from Marcus, this new company will explore, build and expand the capabilities and utility of Bitcoin.

For the moment, Lightspark is in the process of bringing together a team in order to carry out this project. David Marcus is the CEO of this company, while, according to our colleagues at TechCrunch, former employees of Facebook’s crypto division hold other management positions.

Investors attracted by David Marcus’ new project

We also know that Lightspark has already raised funds. The amount of the first round is undisclosed, but we know it was co-led by a16z Crypto and Paradigm with participation from Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners and Zeev Ventures .

The timing of this announcement is quite special since David Marcus announces the launch of this new project, while crypto prices, including Bitcoin, are plunging. But the former head of crypto at Facebook still seems optimistic.

“Downturns are good times 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 progress! », we read in one of his tweets. Bitcoin’s Lightning Network helps make payments faster, but also cuts costs. And the fact that the CEO of Lightspark mentions this network is already an indicator of the products that will be developed by the company.

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