Facebook Ex Crypto Mind Launched a Bitcoin Payments Startup

  • Meta focuses on applying non-fungible (NFT) tokens into its platforms.
  • Diem was offered to Silvergate Bank for $200 million. 
  • Lightspark will give you backend services for companies.

David Marcus, the crypto former and chief of Meta formally referred to as Facebook. In November 2021, he closed the Stablecoin project (Diem) following the product unsuccessful to produce multiple occasions. Now Marcus creates their own Bitcoin-based company Lightspark. Andreessen Horowitz (A16z) and Paradigm would be the early investors within the new company. The Bitcoin startup will endeavour to increase Bitcoin’s use cases.

The Lightspark 

Lightspark will give you backend services for companies, retailers, and developers who wish to accept Bitcoin payments and employ Lightning Network. The Network is really a planned improvement towards the Bitcoin network which will address Bitcoin’s capacity and speed difficulties by permitting for lower-cost micro-transactions.

Their first funding round is going to be co-brought by A16z and Paradigm. Participants include Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, and Zeev Ventures. This past year several Diem leaders now use a16z Crypto, that is supporting Marcus’ new project.

The organization didn’t reveal its worth or how much money it’s elevated in the investors. Also, they mentioned that it’ll not concentrate on developing its very own stablecoin or cryptocurrency.

Sriram Krishan, an A16z investor, commented that

We’ve been big believers in Bitcoin’s unique background and role in crypto. We’ve been searching to back a group to construct on the top of Bitcoin and believe David Marcus and also the Lightspark team that he’s put together may bring exciting new technology to Bitcoin and also the Lightning Network.

Diem has came back in multiple forms. In Feb, former Diem developers announced the work continues by means of Aptos a brand new Blockchain. Shortly before that, Diem was offered to Silvergate Bank for $200 million. 

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