Ex-Facebook crypto chief David Marcus launches Lightspark, a payments startup building on Bitcoin's Lightning network, backed by a16z, Paradigm, and others
Lightspark gives David Marcus and its a16z- and Paradigm-backed investor group a new vehicle to build payments products on Bitcoin’s Lightning Network.
Lightning Labs now faces another company targeting commercial use of Lightning rather than only the underlying protocol.
Second-order effects
Payment platforms considering Lightning gain an additional integration provider, while Lightspark must differentiate its offering against Lightning Labs’ existing enterprise push.
Coinbase’s later Lightspark integration demonstrates that a payments startup can become an intermediary between Lightning infrastructure and a large exchange’s customers.
Third-order effects
If platform integrations continue, Lightning’s commercial layer may consolidate around specialized providers that package protocol access for exchanges and payments companies, rather than around the base network alone.
The trend: Bitcoin Lightning is evolving from a scaling protocol into an enterprise payments-infrastructure market served by specialized integration providers.
I wanted to share that we are starting a new company called @lightspark to explore, build and extend the capabilities and utility of #Bitcoin. As a first step, we're actively assembling a team to dive deeper into the Lightning Network. (1/3)
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! (3/3)
David Marcus is nothing short of a legend in the payments and crypto industry. We have known David for over a decade through his work leading PayPal and then heading up Messenger at Facebook. We then got to work with him closely in his time heading up Novi at Meta.
We're thrilled to be joined by like-minded investors, notably @a16z crypto and @Paradigm who are co-leading this first round, as well as @ThriveCapital, Coatue, @FelixCapital, @RibbitCapital, @MatrixPartners, Zeev Ventures and others. (2/3)
Wait! You mean Facebook didn't need all of its Libra/Diem/Calibra/Novi crypto projects?!! You mean, they could have just used Bitcoin the entire time and saved years of waste???? https://twitter.com/...
Crypto is the clear settlement layer of the future. No person better than @davidmarcus to make that a reality. Excited to see him and his world class team see how far they can push #Bitcoin's Lightning Network. https://twitter.com/...
I had the pleasure of working with @davidmarcus when we launched Messenger platform at F8 2016. So excited to be partnering with him again! https://twitter.com/...
This is bigger than alot of people will realize. This is a major investment shift from shitcoins to Bitcoin. All serious talent will eventually come to the same conclusion of where to build - on solid foundations. https://twitter.com/...
🚨👋 We are thrilled to announce we are partnering with @davidmarcus and @lightspark to explore, build and extend the capabilities and utility of Bitcoin. https://t.co/XmqVUiCndj