Facebook forms Swiss Based Libra Network for blockchain

Facebook forms Swiss Based Libra Network for blockchain

According to a recent news piece from Reuters, Facebook has set up a new financial technology company in Switzerland focusing on blockchain and payments as well as data analytics and investing, Geneva’s commercial register shows.

Libra Networks, with Facebook Global Holdings as stakeholder, was registered in Geneva on May 2 to provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.

Libra Networks will focus on “investing, payments, financing, identity management, analytics, big data, blockchain and other technologies.”

Previously it had been rumoured that facebook was developing its own stablecoin under what was called Libra project. The two might be linked and this could be the start of the first stablecoin for facebook

Source: Reuters

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