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Cryptocurrency News: Facebook Rolls Out New Fintech Firm Libra in Switzerland, Aiming Blockchain and Payments

Facebook, the social media giant with over 2 billion users, for the past few months has become the center of focus for new and banging updates on launching of its a stable coin in the crypto space. Reportedly, the establishment following its mission has recently registered the Swiss-based financial technology firm named “Libra Networks LLC”. The indication is verified in Geneva’s commercial register.

As per the information the company is focusing on various aspects like data analytics, investing, blockchain based hardware and software platforms along with long-awaited payment system which is soon going to be the strong catalyst towards the crypto mass adoption, expectedly.

Apparently, the new financial tech firm, Libra Networks was listed on May 2, by Facebook Global Holdings II LLC in Geneva.

Facebook Global Holdings- the stakeholder of Libra Networks has clearly mentioned the purpose in reference no 4th in the Geneva commercial registration filling:

“Purpose: provision of services in the fields of finance and technology, as well as the development and production of related software and infrastructure, particularly in connection with investment activities, the payment operation, the financing, identity management, data analysis, big data, blockchain, and other technologies.”

However, Facebook hasn’t commented or disclosed any much information about its upcoming plans about Libra Network on how the financial and technology services would be provided to the users and how the company would facilitate in investing, payments, financing, identity management, analytics, big data, blockchain, and other technologies. The information is revealed by the corroborated news portals focusing on financial technology, blockchain, and cryptocurrencies.

On May 9, Facebook CEO Mark Zuckerberg has also received an open letter by the U.S. Senate Banking, Housing, and Urban Affairs Committee examining how a new cryptocurrency-based payments system related to legal, regulatory, privacy, and consumer protection concerns.

The United States Senate raised the question following a Wall Street Journal report which claims that Facebook is taking help from various financial firms and online merchants to profile and target consumers in order to launch a cryptocurrency-based payment system by deploying its social network platform.

It is important to note that Facebook’s Libra project is not all of a sudden concept. In fact, the secretive work already started last year in June 2018. The United States Patent and Trademark Office revealed that the company has evidently acquired the rights to the “Libra” trademark and filled the crypto related project privately by following all the legal procedures.

Earlier this month Facebook announced five new positions in its blockchain department and recruited two employees from the famous cryptocurrency exchange Coinbase on this secret project. Mikheil Moucharrafie and Jeff Cartwright both worked for almost 4-5 years on the major crypto exchange and handled compliance, policy, Anti Money Laundering (AML) activities, and regulatory risk related issues.

Purportedly, the sources familiar with the matter also uncovered that Facebook is in the direction of originating its own stable coin in the third quarter of 2019, which would be pegged with US dollar or the basket of currencies.

Earlier this month it is also suggested that the famous token economics researcher from MIT, Christian Catalini, is assisting Facebook for the development of its stablecoin. Presently, the professor is said to be on leave from the university just to contribute to the development of the upcoming digital asset.

The most recognized Consensus conference has also played a major role in revealing new projects, partnerships, thought-proving ideas and different comments related to the cryptocurrency and blockchain world. Olaf Carlson Wee, CEO, Polychain Capital expressed his views towards the famed American online social media and social networking service company and its supposed stablecoin. According to Wee, the stable coin project is based on the self-interest of the company following the recent controversies surrounding the social media platform. The rumored platform now would come out to be peer to peer open source public infrastructure which he called it a very smart and strategic move by the authorities.

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