Facebook registers cryptocurrency firm in Switzerland

As per the reports by Reuters, the social media giant has registered a new company title, Libra Networks in Geneva on the 2nd of this month. With this firm it will be the company’s first move into the blockchain technology. 

Global Holding of Facebook is holding stock in the new company and will look to “provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.” According to Reuters.

The project title Libra has also drawn attention from Congress in the US. The lawmakers also sent out an open letter to the firm and asked for clarification with respect to the projects purpose and implication. 

Facebook has been taking slow steps towards their crypto project. Their latest move in favor of the company is when Facebook hired two former Coinbase compliance managers for the venture. 

They said:

“The Wall Street Journal recently reported that Facebook is recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system using its social network. Last year, Facebook asked U.S banks to share detailed financial information about consumers. In addition, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act.”

Switzerland is considered as the heaven for financial services and Facebook’s entry into crypt ecosystem will disrupt the market by empowering the users with the native crypto coin.