David Marcus was one of the creators of the Diem coin

David Marcus, the former CEO of Meta Platforms Inc., is forming a new company dedicated to developing technologies to promote bitcoin.

Lightspark raises $175 million investment

Lightspark is a firm that will investigate, produce, and enhance the possibilities and utility of bitcoin.

The company is constructing the infrastructure to enable the Lightning Network, a cryptocurrency payment system that aims to make bitcoin transactions faster and more affordable.

David Marcus is most known for co-founding Libra, subsequently renamed Diem, a proposed digital currency that met fierce regulatory opposition but never saw the light of day.

According to a source familiar with the arrangement, Markus has raised around $175 million in venture financing for the new company, with venture capital firms Andressen Horowitz and Paradigm jointly leading the round.

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