David Marcus, Meta's Co-Founder of Diem, a stablecoin project sold to bank holding company Silvergate Capital, is launching his own cryptocurrency startup focused on the Bitcoin (EXANTE: Bitcoin) ecosystem. The so-called Lightspark project is a hub that plans to explore, build and extend the "capabilities and utility of Bitcoin."
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Marcus wrote in a tweet announcement that the startup is in early stage as the company is seeking specialists for its team to "dive deeper into the Lightning Network." He added:
"Downturns are good moments 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 make progress!"
Lightspark has already raised capital from a16z crypto, Paradigm, Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, Zeev Ventures and others; however, Marcus declined to disclose the amount of investments. Prior to Meta (formerly Facebook), Marcus worked at PayPal. In 2018, he became the lead for Meta's blockchain arm and spent several years developing Novi, the digital wallet, and Diem, a stablecoin formerly known as Libra.
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