David Marcus, the Chief Executive of Lightspark, has a big vision for Bitcoin. On CNBC’s “Squawk Box” he asserted that the world’s largest cryptocurrency could help transform global payments, making them as seamless as texting.
Marcus, who previously served as the president of PayPal Holdings Inc., believes that existing fintech apps are inadequate for facilitating cross-border payments. The goal of Lightspark is to address the scalability issues surrounding Bitcoin, making transactions faster and cheaper, but not for everyday use.
He explained: “What we’re trying to do is turn Bitcoin into a real global payment network. We’re still in the fax era of global payments. That’s what we’re attempting to solve.”
Furthermore, he added that Bitcoin on top of Lightning is like a small data packet only for value, allowing users to exchange at edges of the network and send dollars to someone who’ll receive Yen or Euros.
To unlock the full potential of Bitcoin in revolutionising the global payment ecosystem, Marcus emphasized the need to work closely with regulators.
At the time of writing, Bitcoin is down about 20% versus its year-to-date high.