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Tuesday, December 5, 2023

David Marcus, former head of the Libra project, has just unveiled its structure called Lightspark

David Marcus, known for being the former head of PayPal and for leading Facebook’s stablecoin project (Meta), has just unveiled Lightspark. His new company will be used to provide the necessary infrastructure for projects that wish to develop through the network of the Lightning Network, an overlay of Bitcoin (BTC).

“I wanted to let you know that we are creating a new company called Lightspark to explore, build and expand the capabilities and utility of #Bitcoin. As a first step, we are building a team to deepen the Lightning Network. 

David Marcus, the French entrepreneur formerly president of PayPal who also served as head of cryptocurrency operations at Meta, has just unveiled Lightspark, his new venture dedicated to Bitcoin (BTC).

The new entity already enjoys the support of a wide range of well-known investors in the blockchain world, such as Paradigm, a16z Crypto, Coatue, and Matrix Partners.

Lightspark will provide the necessary infrastructure for businesses, developers, and merchants to use the Lightning Network, Bitcoin’s overlay that enables super-fast, low-cost transactions.

Generally, the Lightning Network presents itself as a solution of choice for everyday purchases precisely thanks to these two advantages, making it an exciting alternative to the bank card, for example.

Although the project is new and more information is expected, we already know that Lightspark does not plan to create its token or stablecoin.

The success of the Lightning Network

The Lightning Network has been talked about several times since the start of 2022, in particular following the integration of its network into the Cash App application, which serves around 60 million users. This allows them to directly transact in Bitcoin to any digital wallet capable of hosting it, including merchants.

Last month, we learned that the Strike Wallet, which works on the Lightning Network, will allow more than 400,000 brands to accept Bitcoin as a payment method thanks to a partnership with Shopify, NCR, and Blackhawk Network.

David Marcus’ past experiences could thus bring real added value to the Lightning Network ecosystem, as Sriram Krishnan, investor at a16z, argued:

“We have always been big believers in Bitcoin’s history and unique role in crypto. We have sought to support a team to build on Bitcoin and believe that David Marcus and the Lightspark team he has assembled can bring exciting new technological innovations to Bitcoin and the Lightning Network. »

According to a report by Arcane Research, the payment volume observed on the Lightning Network exploded by +400% compared to the year 2021 in the first quarter of this year alone. Thus, more than 80 million users used the network for their transactions in March.

This more than considerable increase is due to the contribution of protocols and companies that wish to benefit from its advantages. According to its previous report , the number of Lightning Network users could approach 700 million users in 2030 .

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