David Marcus, CEO of Lightspark and co-creator of Diem, Meta’s failed cryptocurrency project, explained his intentions of turning Bitcoin into a global payments network. Marcus explained that there was no universal protocol for sending value over the internet and that we were still in the “fax era” of global payments. Lightspark CEO David Marcus Wants…
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David Marcus, CEO of Lightspark, a company that builds business-grade solutions to facilitate payments on top of the Lightning Network, shared his experience in developing on top of the Bitcoin scaling layer. Marcus stated that it is “incredibly complex and hard to build software around this protocol,” acknowledging the constraints the Lightning Network presents for…
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The vulnerability was located in a file that translates human-readable code into machine language for storage. The Sui blockchain network quietly fixed a bug that could have put “billions of dollars” at risk, according to a May 16 announcement from Zellic, the security firm hired to audit the network’s security. Loss of Funds Bug in…
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Silvergate Capital Corporation, the parent firm of the crypto-focused bank Silvergate Bank, has attributed the $1 billion loss it incurred in the fourth quarter of 2022 to the confidence crisis that permeates the entire crypto ecosystem. While Silvergate has taken steps to help it navigate the current environment, according to the CEO Alan Lane, the…
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The price of the crypto-focused bank Silvergate Capital’s shares fell by over 40% after it reported a more than $8 billion drop in customer deposits. The share price plunge came just days after U.S. prosecutors reportedly seized collapsed crypto exchange FTX’s accounts held at the bank. Alan Lane, the CEO of Silvergate, denied allegations that…
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Mysten Labs, developer of a new blockchain project called Sui, raised $300 million in its latest funding round. The round, which was led by FTX ventures, also had the support of A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, and Coinbase Ventures, among others. The funds will be directed to continue growing Sui’s infrastructure…
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David Marcus, former Meta executive and co-creator of Facebook’s now sold Diem project, has moved his focus to Bitcoin (BTC), unveiling a new company, Lightspark, established with the aim to explore, build and extend BTC’s capabilities and utility. “As a first step, we’re actively assembling a team to dive deeper into the Lightning Network,”…
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Aptos, a new startup created by some of Meta’s former employees involved in the Diem project, has announced it has raised $200 million for its upcoming goal of creating a scalable blockchain system. The investment, conducted in a strategic funding round, involves some well-known VC names, including Tiger Global, Katie Haun, Multicoin Capital, 3 Arrows…
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“Since departing Meta (formerly Facebook) we have been able to put our ideas into motion, ditch bureaucratic red tape, and build an entirely new network,” Aptos stated. Former Meta employees and key players behind the firm’s defunc stablecoin project Diem have raised $200 million to expand a new project dubbed “Aptos.” Aptos was cofounded by…
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Silvergate Capital, an investment firm that is the parent company of the Silvergate Bank, acquired the technology and assets of Diem, the formerly Facebook-backed stablecoin payment system. The payment totaled $182 million. The technology and assets acquired will reportedly be used for the launch of a Silvergate branded stablecoin.
Silvergate Purchases Diem Operations
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