Ex lead on Facebook’s failed crypto project resurfaces with Bitcoin start-up

Facebook’s former crypto project chief – David Marcus – has resurfaced to head-up a Bitcoin start-up.

Marcus was behind the failed Diem crypto plan. Diem and Libra had been originally designed to work as tokens for Facebook users to purchase goods and services across the social media platform.

Both incarnations, however, were non-starters.

The blockchain specialist is now behind ‘Lightspark’ – a start-up focussed on using layer-2 payment protocol Lightning Network to create Bitcoin services.

He is understood to have teamed up with other former Meta executives, including Christian Catalini – Diem’s co-creator, who will be Lightspark’s Chief Strategy Officer.

“I wanted to share that we are starting a new company called Lightspark to explore, build and extend the capabilities and utility of Bitcoin,” Marcus revealed.

“As a first step, we’re actively assembling a team to dive deeper into the Lightning Network.”

“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.”