Facebook Registers New Fintech Firm in Switzerland With Focus On Payment

Social media giant Facebook has created a new financial tech company, Libra Networks LLC, concentrating on blockchain and payments as well as information analysis and investing, Geneva’s commercial register reveals. Plans presented on the Swiss Register show that the company plans to provide financial and technology facilities and create relevant hardware and software.

Facebook Global Holdings II LLC incorporated Libra Networks in Geneva on May 2. According to the company’s formal filing:

“…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.”

Facebook, whose social network has more than 2 billion customers, has not issued any statement on Libra Networks focusing on ‘investment, transfers, funding, identification governance, analytics, large information, blockchain and other techniques.’ WhatsApp, Messenger and Instagram, each of which has more than 1 billion users, were at the core of government and judicial scrutiny over widespread abuse.

Back in June, Facebook filed the “Libra” trademark with the U.S. Patent and Trademark Office, which was supposedly portion of its in-house confidential crypto initiative. Facebook also employed two cryptocurrency compliance specialists who had previously collaborated on Coinbase’s main crypto exchange Following a Wall Street Journal study, the U.S. Senate Banking Committee sent an public letter to Facebook CEO Mark Zuckerberg requesting how a unique cryptocurrency-based payment system relates to legal, legislative security and customer issues.

Unnamed sources have asserted that sometime in the third quarter of 2019 Facebook could publish an indigenous stablecoin. Olaf Carlson-Wee, CEO of Polychain Capital, mentioned at the latest Consensus 2019 crypto meeting that he believes the supposed stablecoin should be constructed on an public, open source framework.

Considering latest disputes concerning the social media platform, Carlson-Wee said
“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.”