Diem Co-Creator Shifts Focus to Bitcoin

David Marcus. Source: Video Screenshot, SiliconANGLE theCUBE / YouTube

 

David Marcus, former Meta executive and co-creator of Facebook’s now sold Diem project, has moved his focus to Bitcoin (BTC), unveiling a new company, Lightspark, established with the aim to explore, build and extend BTC’s capabilities and utility.

“As a first step, we’re actively assembling a team to dive deeper into the Lightning Network,” the entrepreneur tweeted.

Marcus said he believes downturns such as the one currently witnessed in the BTC & crypto market mark good opportunities “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”.

The businessman said the new company has secured the backing of a number of investors through its first funding round. These include Andreessen Horowitz (a16z), Paragidm, Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, Zeev Ventures, and other financial industry players.

The value of the funds injected into his new venture was not disclosed.

Based in Los Angeles, Lightspark says it is currently in the process of assembling a team of engineers, developers, cryptographers, and storage specialists, among others. Three job openings are available at this time, according to data from the company.

Over his career in big tech, Marcus has served as the founder and CEO of mobile payments provider Zong. His business was later bought by PayPal, leading to the businessman’s appointment as the company’s vice president, and later president. In 2014, he joined Facebook (now - Meta). At Mark Zuckerberg’s company, Marcus worked on the platform’s now sold stablecoin project, among other ventures. Three years later, he also joined Coinbase as a member of the Board of Directors, a post he left in August 2018 after less than a year. He left the Diem Association where he served as Board Member last December.
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Learn more: 
- Meta Says Adios to Diem – But Its Buyer Wants to Launch a Token of its Own
- Lightning Network Adoption at Exchanges is Growing: This is Why It’s Good for Bitcoin
- Bitcoin Lightning Network Payments Jump Over 400%, 80M Users Have Access to Network