Former Facebook crypto chief launches Bitcoin startup

Lightspark, a new bitcoin-focused startup launched by former Meta (Facebook) crypto head David Marcus, is currently recruiting as it looks to build around Bitcoin.

David Marcus, who headed Meta’s (formerly Facebook) cryptocurrency division, has announced a new startup that targets building on the utility around Bitcoin.

Dubbed Lightspark, Marcus says the new company will focus on the capabilities of Bitcoin’s Lightning Network.

“I wanted to share that we are starting a new company called Lightspark to explore, build and extend the capabilities and utility of Bitcoin,” the former Facebook exec noted in a tweet.

He added that the company’s “first step” involves “actively assembling a team to dive deeper into the Lightning Network.”

In remarks about the current crypto market sell-off, Marcus said:

“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 received backing in a financing round co-led by a16z and Paradigm, participation from Matrix Partners, Thrive Capital, Ribbit Capital and Coatue among other investors.