Facebook Registers Fintech ‘Libra Networks’ in Switzerland

Facebook has reportedly registered a new fintech company called Libra Networks LLC, details from a filing on the Geneva Commercial Register indicate.

The social media giant registered Libra Networks LLC in Geneva, Switzerland on May 2, with details showing that Facebook Global Holdings II LLC is the firm’s stockholder.

According to the filing, the new firm will provide services related to finance and technology with blockchain and related technologies part of the wider scope. It will also develop software and other infrastructure, as well as operate a payments system.

In addition, the company will handle things like identity management and data analysis among others.

Facebook has ‘secretly’ worked on a cryptocurrency projected and took a big step in June when it filed with the U.S. Patent and Trademark Office and registered “Libra” as a trademark.

The progress towards the development of an in-house cryptocurrency has gathered momentum in recent weeks after Facebook added to its blockchain team by hiring two more talents from Coinbase. The two new additions formerly worked at Coinbase as compliance experts.

That followed earlier reports that the social media platform could launch its own stablecoin, ostensibly by the third quarter of 2019. It has also been reported that Facebook would be targeting the remittance market, with the new coin designed to help users of Whatsapp send and receive funds between one another.

The CEO of Polychain Capital Olaf Carlson-Wee talked about the rumored Facebook coin during Consensus 2019 and noted that the company should seek to have its stablecoin issued on top of a public, open-source blockchain platform.

Carlson-Wee said that using public infrastructure that Facebook would not try to own would be key to the success of the project. And that, he added, would be in the company’s self-interest given that it has faced several questions and controversies regarding user data and their privacy. Facebook is reportedly seeking to raise up to $1 billion to fund its Libra project.