Meta’s former cryptocurrency head David Marcus is launching Lightspark, another payments company that will use cryptocurrency as its central payment tool. The startup, which will have Marcus as CEO, also has some former employees of Meta, and will explore the possibility of using the Layer 2 Lightning Network (LN) as a payment vehicle for Bitcoin.
Meta’s ex-crypto boss Kickstarts Lightspark
Meta’s former head of the cryptocurrency project David Marcus is doubling down on how important he sees cryptocurrencies for the future of payments. Marcus announced on social media this week that he and others will launch a cryptocurrency company called Lightspark that aims to harness the power of cryptocurrencies for payments.
Marcus is not alone.he took over Some Former Meta employee of the startup.While company details are still scarce, Marcus explained Lightning Network (LN), Bitcoin’s second-layer scalability protocol, will participate.For this, he statement:
As a first step, we are actively building a team to gain a deep understanding of the Lightning Network.
While the company is still in the exploratory phase, Marcus has been able to attract major players in the venture capital space, including A16z and Paradigm, who co-led an initial investment round that raised an undisclosed amount. Other venture capital firms participating in the round include Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners and Zeev Ventures.
Bear Markets and the Lightning Network
The timing of the Lightspark launch may not be the best for some as the market faces a downturn collapse The Terra ecosystem and the fall in the stock market.However, Marcus brushed off the comments on social media explain That:
Downturns are a great time to focus on building and creating value with people with a sense of purpose. We’re excited to learn more about Lightning, learn more, and work with the community.
The Lightning Network, with negligible transaction fees, could be very attractive to payment companies, although it has not been without criticism in the crypto community. Introduced in 2015, the technology has come a long way since its introduction and now has 3,807.15 bitcoin Stored in its system, there are more than 17,000 active nodes, according to 1MLthe Lightning Network Statistics website.
What do you think of the newly launched crypto payments company Lightspark? Let us know in the comments section below.
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