Facebook Chooses Crypto-Friendly Switzeland for Its New FinTech Arm Libra Networks

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by Julia Sakovich · 3 min read
Facebook Chooses Crypto-Friendly Switzeland for Its New FinTech Arm Libra Networks
Photo: Pixabay

Facebook has quietly registered its fintech company dubbed Libra Networks in Switzerland. The new arm is focused on blockchain, payments, data analytics, big data, and other techs.

Facebook journey in the blockchain and crypto world seems to take new rates. It has become known that it has quietly chosen Switzerland to set up its fintech company dubbed Libra Networks. The initiative has a clear relation to the social media giant’s Project Libra.

According to the information revealed, this new fintech company, with Facebook Global Holdings as a stakeholder, is focused on such aspects as blockchain, payments, data analytics, investing, big data, identity management, and other technologies.

It was registered more than two weeks ago, on May 2, in Geneva. The firm is expected to offer financial and technology services and to deal with the development of related hardware and software. At least such plans were submitted on the Swiss register.

And in general, it’s worth mentioning that the choice of Switzerland is quite clear as the country is known to be leading hub of blockchain and cryptocurrency technology in the world with its Zug town recognized as Crypto Valley.

Facebook’s Project Libra

Earlier, Coinspeaker has already reported that Facebook was secretly working on its crypto-based payments system and even leading talks with several e-commerce companies and financial giants to collaborate on this project.

Nevertheless, there was no precise information at that time. Though according to different reports, the social media giant that has more than 2 billion users has been actively developing its crypto plans since the very beginning of the current year, this work is being kept in a secret.

Speaking about Facebook’s Project Libra, prominent investor Michael Novogratz recently pointed out the stunning importance of this project for the crypto space.

Though the project was launched over the year ago to enable money transfers between WhatsApp users, there is little information about it. However, it’s known that over the time the scale of the project has been expanded. It will also include e-commerce payments on Facebook and other websites as well as an opportunity for users to get rewards for viewing ads, shopping online, and watching, sharing and commenting content.

It is also expected that later when the project with all its functionality is ready, it is believed that Facebook will introduce its stablecoin pegged by the value of a local currency.

Let us also remind you that in the context of building its own stablecoin that is planned to be used within the company’s apps, Facebook has taken a decision to relax its ad ban on the promotion of products and services related to crypto.

While some members of the community have serious doubts whether the company’s digital currency could be a real competitor to the major world’s cryptos, some others are confident that it at least will be able to bring new users to the crypto space.

However, not everything is so positive about Facebook as it has faced hiring problems due to privacy issues, which may negatively influence the further growth and development of Project Libra.

Altcoin News, Cryptocurrency News, FinTech News, News
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