{"id":26962,"date":"2022-05-16T06:43:09","date_gmt":"2022-05-16T10:43:09","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=26962"},"modified":"2024-07-28T07:39:22","modified_gmt":"2024-07-28T11:39:22","slug":"facebook-ex-crypto-boss-starts-bitcoin-payment-company","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/facebook-ex-crypto-boss-starts-bitcoin-payment-company\/","title":{"rendered":"Facebook&#8217;s Ex-Crypto Boss Starts Bitcoin Payment Company"},"content":{"rendered":"\n<p>David Marcus the former head of <a href=\"https:\/\/coinscreed.com\/staging\/facebook-whistleblower-warns-that-metaverse-will-repeat-its-past-mistakes.html\">Facebook<\/a> crypto operations has launched his own Bitcoin firm Lightspark to expand Bitcoin\u2019s use cases<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"980\" height=\"653\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Facebook-Ex-Crypto-Boss-Starts-Bitcoin-Payment-Company.webp\" alt=\"Facebook Ex-Crypto Boss Starts Bitcoin Payment Company\" class=\"wp-image-26964\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Facebook-Ex-Crypto-Boss-Starts-Bitcoin-Payment-Company.webp 980w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Facebook-Ex-Crypto-Boss-Starts-Bitcoin-Payment-Company-300x200.webp 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Facebook-Ex-Crypto-Boss-Starts-Bitcoin-Payment-Company-768x512.webp 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Facebook-Ex-Crypto-Boss-Starts-Bitcoin-Payment-Company-150x100.webp 150w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Facebook-Ex-Crypto-Boss-Starts-Bitcoin-Payment-Company-750x500.webp 750w\" sizes=\"(max-width: 980px) 100vw, 980px\" \/><figcaption>Facebook Ex-Crypto Boss Starts Bitcoin Payment Company<\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\"><ul><li><a href=\"#h-facebook-david-marcus-launches-new-bitcoin-payment-company\" >Facebook David Marcus Launches New Bitcoin Payment Company<\/a><\/li><li><a href=\"#h-bitcoin-firm-backed-by-a16z-crypto-paradigm\" >Bitcoin Firm Backed By A16z Crypto, Paradigm<\/a><\/li><\/nav><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-facebook-david-marcus-launches-new-bitcoin-payment-company\">Facebook David Marcus Launches New Bitcoin Payment Company<\/h2>\n\n\n\n<p>According to a story from TechCrunch on Thursday, Marcus and a few ex-Meta <a href=\"https:\/\/www.theepochtimes.com\/t-crypto\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">crypto team members<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> have formed a new startup.<\/p>\n\n\n\n<p>Marcus was in charge of Facebook's crypto and financial services activities until November last year, when he stepped down due to the failure of Diem, which was eventually sold to Silvergate in January this year. He was previously the president of PayPal.<\/p>\n\n\n\n<p>Marcus is now working on a backend infrastructure for enterprises, developers, and merchants who want to transact on the Lightning network through his new company, Lightspark. Lightning is a system developed on top of Bitcoin that enables smaller and less expensive transactions.<\/p>\n\n\n\n<p>Lightspark, the new enterprise, would be based on the <a href=\"https:\/\/coinscreed.com\/staging\/mobile-payments-app-cash-app-integrates-bitcoin-lightning-network.html\">Bitcoin Lightning Network<\/a>. It will purportedly aim to improve and expand Bitcoin's capabilities and utility.<\/p>\n\n\n\n<p>Bitcoin's Lightning Network, for example, allows for cheaper and faster transactions. According to a recent survey, the number of Lightning payments increased in the last year, while the value of payments quadrupled.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bitcoin-firm-backed-by-a16z-crypto-paradigm\">Bitcoin Firm Backed By A16z Crypto, Paradigm<\/h2>\n\n\n\n<p>A16z Crypto and Paradigm have invested in Lightspark in its first round of funding. Felix Capital, Ribbit Capital, Matrix Partners, and Coatue also participated in the round.<\/p>\n\n\n\n<p>Marcus isn't the first former <a href=\"https:\/\/coinscreed.com\/staging\/top-10-metaverse-cryptocurrencies.html\">Meta<\/a> crypto executive to strike out on his own following the failure of the Diem project. Mo Shaikh and Avery Ching raised a $200 million strategic round for Aptos, a new <a href=\"https:\/\/coinscreed.com\/staging\/chiliz-launches-scoville-testnet.html\">Layer-1 blockchain<\/a>, in March, sponsored by Andreessen Horowitz.<\/p>\n\n\n\n<p>Commenting on the deal, a16z investor Sriram Krishan remarked:<\/p>\n\n\n\n<p>&#8220;We\u2019ve always been big believers in Bitcoin\u2019s unique history and role in crypto. We've been looking to back a team to build on top of Bitcoin and believe David Marcus and the Lightspark team that he's assembled can bring exciting new technological innovation to Bitcoin and the Lightning Network.&#8221;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>David Marcus the former head of Facebook crypto operations has launched his own Bitcoin firm Lightspark to expand Bitcoin\u2019s use cases Facebook David Marcus Launches New Bitcoin Payment Company According to a story from TechCrunch on Thursday, Marcus and a few ex-Meta crypto team members have formed a new startup. Marcus was in charge of [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":26964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-26962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Facebook-Ex-Crypto-Boss-Starts-Bitcoin-Payment-Company.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/26962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=26962"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/26962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/26964"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=26962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=26962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=26962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}