David Marcus, the previous chief of funds and crypto at Meta, on Thursday introduced his entrepreneurial foray into the Bitcoin ecosystem. He introduced launching a startup Lightspark to discover, construct and lengthen the capabilities and utility of Bitcoin, within the backdrop of his exit from Meta in November final 12 months.
All In On Bitcoin
Marcus shared the information in a tweet thread that mentioned, “We’re beginning a brand new firm known as Lightspark to discover, construct and lengthen the capabilities and utility of Bitcoin. As a primary step, we’re actively assembling a group to dive deeper into the Lightning Community.”
He additional added,
“We’re thrilled to be joined by like-minded traders, notably a16z crypto and Paradigm, who’re co-leading this primary spherical, in addition to ThriveCapital, Coatue, FelixCapital, RibbitCapital, MatrixPartners, Zeev Ventures and others. We’re excited to dive into Lightning, study extra, and work alongside the group.”
Within the capability of co-founder and chief govt officer, Marcus will serve together with quite a few former Meta staff who have been concerned with crypto initiatives.
‘Downturns are good moments’
Curiously, the announcement comes amid a prevailing widespread meltdown within the cryptocurrency market. In distinction with standard market sentiment that shies away from making constructive bulletins throughout bearing instances, Marcus mentioned in his assertion that “Downturns are good moments to give attention to constructing and creating worth with mission-aligned individuals.”
The previous Meta govt is thought for his experience within the fintech and cryptocurrency house. Whereas at Meta, he predominantly labored on two crypto-centric initiatives, Novi and Diem. Whereas Novi was a cryptocurrency pockets that was meant to permit customers to trade stablecoins utilizing a cell app, the Diem cryptocurrency venture was topic to steady regulatory hurdles. Widespread business resistance compelled Meta to decelerate roll out of recent updates within the venture.
The introduced content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.
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