Former Meta, PayPal chief launches Bitcoin payments start-up

David Marcus, former president of PayPal and vice president of messaging products at Facebook, announced the launch of his new company, Lightspark.

David Marcus launches crypto start-up Lightspark

Lightspark aims to “explore, build and extend the capabilities and utility of Bitcoin”.

Announcing the new company on Twitter, Marcus says the seed funding round, for an undisclosed amount, was co-led by a16z crypto and Paradigm, with participation from Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, Zeev Ventures, among others.

Headquartered in Los Angeles, Marcus says the first step for the newly founded company is “actively assembling a team to dive deeper into the Lightning Network”.

The announcement of Lightspark comes amid recent volatility within cryptocurrency markets.

“Downturns are good moments to focus on building and creating value with mission-aligned people,” Marcus says.

“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.”

Marcus left Meta at the end of last year, where he headed the company’s fintech unit Novi, a digital wallet that allows people to send and receive money internationally using the Pax Dollar (USDP) stablecoin.