If you were interested in Facebook's crypto projects, you probably already know David Marcus. After having been the boss of Facebook Messenger, he has close to the reins of the projects relating to the payments of the social network. And when Facebook wanted to enter the crypto market, with the creation of the Cryptocurrency Diem as well as the Novi wallet, Marcus was also in charge.
Unfortunately, or not, the Diem crypto project was faltering. And in the face of 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 had 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 time being, Lightspark is in the process of assembling a team 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 would occupy 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 not revealed, but we do know that 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 the prices of cryptos, including Bitcoin, plunge. But the former head of cryptos at Facebook still seems optimistic.
"Slowdowns are good times to focus on building and creating value with people aligned with the mission. We're excited to dive into Lightning, learn more, and work alongside the community. We will share more about our work as we progress! "reads one of his tweets. Bitcoin's Lightning network makes payments faster, but also reduces costs. And the fact that the CEO of Lightspark evokes this network is already an indicator of the products that will be developed by the company.