Facebook Registers New Cryptocurrency Firm in Switzerland

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Facebook, the biggest Social media  has registered a new fintech firm called Libra Networks LLC, according to a filing on the Switzerland Commercial Register.

On May 2 by Facebook Global Holdings II LLC formed in Geneva Libra Networks LLC.In the official filing the firm provides:

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

The trademark “Libra” was  registered with the United States Patent and Trademark Office back in June, which was referred as part of its secretive crypto project. Facebook has also hired two cryptocurrency experts who earlier worked at the largest crypto-exchange Coinbase, as reported in May.

Facebook could release a native stablecoin in the Q3 of 2019, was referred by anonymous sources.

At the last cryptocurrency conference Consensus 2019, the CEO of Polychain Capital Olaf Carlson-Wee said that he thinks the facebook stablecoin should be built on a public and open source infrastructure. Carlson-Wee thinks said that it would be in the interest of the facebook company given recent disputes about the social media platform:

“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 onto 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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