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David Marcus, the co-creator of FacebookIt is now closed stable currency project diemlaunched his Bitcoin based startup, Lightspark according to a report by the Block. The new company is backed by major cryptocurrency investors such as A16zParadigm, Coatue and Matrix Partner.

Marcus led Facebook’s cryptocurrency and financial services operations, but chose to step down last November due to Diem’s ​​bankruptcy, which ultimately
sold at Silvergate in January of this year. Previously he was also president of PayPal.

Now, through his new venture, Lightspark, Marcus aims to develop a back-end infrastructure for businesses, developers and merchants, looking to transact on the Lightning Network. Lightning is a protocol based on Bitcoin to support smaller and less expensive transactions.

The company has not disclosed any valuation or how much it has raised from investors, while it will not focus on building its own stablecoin or cryptocurrency.

Commenting on the deal, a16z investor Sriram Krishan noted:

“We have always been big advocates of Bitcoin’s unique history and role in cryptocurrencies. We have tried to support a team to build on Bitcoin and believe David Marco and the Lightspark team he assembled can bring exciting new technology innovations to Bitcoin and the Lightning Network. ”

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