David Marcus, a former director of Meta and one of the creators of Facebook's sold Diem project, has shifted its focus to Bitcoin (BTC), introducing Lightspark, a startup founded to explore, build and grow the capabilities and utility of Bitcoin (BTC).

"First we are building a team to delve deeper into the Lightning Network," the entrepreneur said in a tweet.

David Marcus said he believes downturns such as what's currently happening in Bitcoin (BTC) and the crypto market are "good opportunities to focus on building and creating value with mission-driven people." “We're excited to get into Lightning, learn more, and work with the community,” said Marcus.

David Marcus

Businessman David Marcus, one of the developers of the Diem project, said that the company received the support of several investors in its first funding round. These include Andreessen Horowitz (a16z), Paragidm, Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners, Zeev Ventures and other financial industry players. The value of the investments in the new venture was not disclosed.

Los Angeles-based Lightspark said it is currently in the process of building a team of engineers, developers, cryptographers and storage experts. According to the company's data, there are currently three job postings.

Throughout his career in technology, David Marcus served as the founder and CEO of mobile payments provider Zong. Zong was later bought by PayPal and the businessman was appointed vice president and later president of the company. He joined Facebook (renamed Meta) in 2014. David Marcus worked at Mark Zuckerberg's company on the sold stablecoin project, among other ventures. He joined as a board member three years later and left the position less than a year later, in August 2018. In December last year, he left the Diem Association, where he served as a member of the board of directors.