Facebook Forms a New Fintech Company in Switzerland

According to an excerpt from the business registry of Geneva, on May 2, Facebook founded a company called Libra Networks. The new company will develop and promote financial and technological services. According to the official application, the company 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.”

Judging from the name, it becomes obvious that the structure formed is connected with the Facebook payment project, which has an identical name. What is the role of the new company in creating a Facebook payment service is unclear at the moment. In turn, the parent company did not comment on this step. We only know that Libra Networks intends to develop and sell financial and technological services in the country. Also, according to unconfirmed information, David Marcus, the former president of PayPal, is directly connected with Libra Networks. Last year, he took an active part in the development of the Facebook blockchain. Due to the emergence of rumors about the development of stablecoin, the US Senate sent an open letter to Facebook CEO Mark Zuckerberg, demanding that the directions of solving problems of regulation and confidentiality be revealed in his own digital payment system. Most likely, more details about the project will be known in the near future. We want to remind you: https://thecoinshark.net/facebook-changed-the-rules-of-live-streaming-to-minimize-risk-of-abuse/ Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/