Lightspark CEO David Marcus Advocates for Bitcoin as Global Payment Infrastructure:sayhd iadgfhl zcxlvb

David Marcus, CEO of Lightspark and co-creator of the Diem cryptocurrency project (formerly known as Libra), has articulated his vision of transforming Bitcoin into a global payments network. Marcus likened the current state of global payments to the “fax era,” highlighting the absence of a universal protocol for seamless value transfers over the internet.

In an interview on CNBC’s Squawk Box, Marcus emphasized the necessity of a standardized platform that would enable money transfers to be as effortless as text or video communication via modern messaging applications.

Marcus asserted that the current payment landscape resembles the “fax era,” lacking a universal method for transferring money globally without relying on various fintech applications in a fragmented market.

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 atop the Bitcoin network. Lightspark has forged partnerships with several 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 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.

Published

Leave a comment

Your email address will not be published. Required fields are marked *