Lightspark, a new bitcoin-focused startup launched by former Meta (Facebook) crypto head David Marcus, is currently recruiting as it looks to build around Bitcoin.

David Marcus (formerly Facebook’s cryptocurrency division) has announced a new startup that focuses on building on the utility of Bitcoin.

Marcus, a new company called Lightspark, says it will be focusing on the capabilities and future of Bitcoin’s Lightning Network.

“I wanted to share that we are starting a new company called Lightspark to explore, build and extend the capabilities and utility of Bitcoin,” the former Facebook exec noted in a tweet.

He said that the company’s first step is to “actively gather a team to dig deeper into the Lightning Network .”

Marcus stated that the current sell-off in crypto markets was a result of:

“Downturns can be a great opportunity to build and create value with mission-aligned individuals. We are excited to learn more about Lightning and collaborate with the community. As we progress, we’ll be sharing more information about our work! “

Lightspark received funding in a round co-led with a 16z, Paradigm, participation by Matrix Partners and Thrive Capital as well as Ribbit Capital, Ribbit, Coatue and other investors.