David Marcus Founds Lightspark, a Bitcoin Payments Startup
Former Meta cryptocurrency project manager David Marcus is doubling down on the role he believes crypto will have in the future for payments. Marcus stated on social media this week that he and colleagues were creating a cryptocurrency startup called Lightspark, which attempts to harness the powers of crypto for payments. Marcus is not working alone on this project. He hired some former Meta workers for this firm. While the company’s information is still scant, Marcus said that Lightning Network (LN), Bitcoin’s second layer scaling mechanism, will be engaged. The business, which will be led by Marcus as CEO, will also include some of Meta’s former workers and will investigate the possibility of leveraging the layer 2 Lightning Network (LN) as a vehicle for bitcoin payments.
While the organization continues to be in its early stages, Marcus has been capable of attracting prominent VC names including A16z and Paradigm, who’ve co-led preliminary financing spherical with an unknown sum raised. Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, and Zeev Ventures had been many of the different buyers in the round. According to some, the time of the debut of Lightspark isn’t ideal, for the reason that marketplace is experiencing a droop because of the disintegration of the Terra surroundings and the decline of the inventory marketplace. With its low transaction costs, Lightning Network may be pretty attractive to a bill provider, albeit it has now no longer been without complaint withinside the crypto world. According to 1ML, a Lightning Network facts site, the technology, which became recommended in 2015, has long past a protracted manner in view that its introduction, with 3,807.15 BTC held in its device and extra than 17,000 lively nodes.