David Marcus, CEO of Lightspark and co-creator of the Diem cryptocurrency project, formerly known as Libra, has outlined his vision of transforming Bitcoin into a global payments network. Marcus compared the current state of global payments to the “fax era,” emphasizing the lack of a universal protocol for seamless money transfers over the internet.
In an interview on CNBC’s Squawk Box, Marcus highlighted the necessity of a standardized platform that would enable money transfers to be as effortless as text or video communication through modern messaging applications.
Through his startup Lightspark, Marcus aims to leverage the Lightning Network,
a layer-two scaling solution for Bitcoin, to enhance and expedite payment processes built on top of the Bitcoin network. Lightspark has established partnerships with various companies, including Xapo Bank, Rain, Flexa, Chainalysis, Notabene, and TRM Labs, to implement Lightning Network solutions for enterprises.
While Marcus envisions Bitcoin serving as a global settlement layer, he does not foresee it becoming the primary currency used for everyday transactions. Instead, he proposes utilizing Bitcoin alongside the Lightning Network to facilitate the exchange of value denominated in different fiat currencies. Marcus described this approach as enabling the transmission of small data packets representing value across the Bitcoin network, with transactions settling in real-time at minimal costs.
According to Marcus, this utilization of Bitcoin and the Lightning Network could revolutionize cross-border payments, offering a streamlined and cost-effective alternative to traditional bank-dependent systems like SWIFT.
What are your thoughts on David Marcus’ vision for leveraging the Lightning Network to establish Bitcoin as a universal settlement layer? Share your opinions in the comments section below.
TAGS IN THIS STORY