Blockchain News

Facebook registers its financial tech firm in Switzerland

Facebook has registered its financial tech firm, Libra Networks LLC, in Switzerland. This is according to a filing seen on the Geneva Commercial Register. The company was registered in Geneva at the start of this month by the social media giant.

The official filing indicates that the financial tech firm offers services that are in the fields of finance and technology. It also handles development and production of software and related infrastructure especially those that are related with investment activities, operation of payments, identity management, big data, financing, data analysis, blockchain, and other technologies.

Facebook initially registered the financial tech firm with the U.S. Patent and Trademark Office back in June. Libra is rumored to be part of Facebook’s secretive in-house cryptocurrency project. The social media giant has also hired two crypto compliance experts that previously worked at Coinbase, a major cryptocurrency exchange.

According to anonymous sources, Facebook plans to release its native stablecoin sometime in the third quarter of this year.

The project has attracted some attention within crypto circles and recently during the Consensus Conference, Olaf Carlson-Wee the Polychain Capital CEO said that he thinks the rumored stablecoin would be better off if it were built on a public, open source infrastructure.

According to Carlson-Wee, it would be in the best interest of the company to do this given its recent controversies that have surrounded the social media platform lately.

“I think given all the problems that Facebook has had with policing their platform and things like that, I think that the strategic move for Facebook would actually be to build public infrastructure. And that public infrastructure could be incorporated into all the Facebook platforms, which of course are proprietary. But that public infrastructure, if they don’t try to own it, I think that’s where they will have the most success.”

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coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.