Facebook Registers Fintech Blockchain Company Libra Networks in Switzerland

Facebook has registered a new company called Libra networks in Geneva, Switzerland on May, 2. Reuters reports that the focus of the new financial technology firm will be on blockchain and payments, identity management, investing, and data analytics.
The Swiss commercial register reveals that Libra Networks was registered as a subsidiary firm of Facebook Global Holdings, and it is meant to deliver fin-tech services and develop related software and hardware.

Reportedly, Facebook has also acquired trademark rights for the brand “Libra” with the United States Patent and Trademark Office back in June 2018. The recent speculations about Facebook secretive cryptocurrency project have now been further backed by the news for the fintech company registration. The internal project name is “Libra.”
Facebook officials have refrained from any announcements so far, but there have been several hints that their interest in blockchain technology is slowly growing.

There have been rumors that Facebook hired and set up a team to develop a stablecoin tied to the US dollar that will aim to enhance data security.
As a response to these rumors, The U.S. Senate Banking Committee wrote an open letter to Facebook founder and CEO Mark Zuckerberg asking for details about the project’s purpose and how it would address concerns about consumer privacy protection.
Moreover, Facebook has recently hired two blockchain compliance experts who formerly worked for the major cryptocurrency exchange Coinbase. Mikheil Moucharrafie has spent 4 years at Coinbase as a risk and compliance manager. The other former Coinbase employee for 5 years who joined Facebook is Jeff Cartwright. He has a background in law and was also a compliance manager and head of internal audit at Coinbase. The Facebook blockchain department is believed to be continuously growing with new opening positions.

Facebook is also allegedly seeking investments worth $1 billion for its rumored cryptocurrency project which is likely to be released later in 2019 (in late second or third quarter).
The blockchain industry experts are already suggesting that Facebook’s involvement would be a massive catalyst for the development of the sector. It will raise people’s awareness and help increase cryptocurrencies’ popularity and usage. It seems logical because currently, around 2.7 billion people worldwide use either Facebook or its subsidiaries Instagram, WhatsApp, or Facebook Messenger.
So, regardless of the details around the endeavor, if and when released, a Facebook blockchain project would definitely be a stepping stone for mass-adoption of digital currencies.