David Marcus, CEO and co-founder of Lightspark and co-creator of Facebook’s Diem cryptocurrency project, has shifted his focus to developing a global payments network utilizing Bitcoin (BTC).
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During an interview on CNBC Squawk Box, Marcus revealed that his Bitcoin-based payments startup aims to create an affordable and universal payment service using the Lighting Network.
The Lightning network allows for the transfer of funds across borders, making it easy to send US dollars to someone who will receive Japanese yen or euros on the other end.
Bitcoin and the Lightning network function as the settlement layer, allowing for real-time, secure, and cost-effective transactions. It is important to note that Bitcoin is primarily intended for exchanging value, similar to a small data packet on the internet.
Marcus, a representative from Lightspark, is working on a solution called Lightning Network that seeks to make Bitcoin transactions faster and cheaper.
The aim is to transform Bitcoin into a worldwide payment network that’s as convenient as sending an email or text. Imagine being able to connect with a tourist outside the studio by simply sharing their email address and sending them a message within a minute.
Additionally, you could send them a text or invite them to a group video chat. These are the goals that Lightspark hopes to accomplish, as noted by the online publication the Daily Hodl.
“But if you were to send them money, if they were not a US citizen here in the US using one of the same Fintech apps you’re using then you wouldn’t be able to do that. And so we’re still in the fax era of global payments, and that’s what we’re attempting to solve.”
We suggest that you check out the original notes by the same online pubcalition that we mentioned above. Stay tuned for more details and make sure to keep an eye on the market as well.
