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Home News Altcoins Facebook Has Registered Financial Technology Company Libra Networks In Switzerland

Facebook Has Registered Financial Technology Company Libra Networks In Switzerland

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According to a report, a document from the Geneva Business Registry in Switzerland shows that social media giant Facebook has set up a new financial technology company, Libra Networks LLC, in Switzerland.

Libra Networks was registered by Facebook Global Holdings in Geneva on May 2nd.  According to official documents, the company offers:

“Finance and technology services and the development and production of software and related infrastructure, especially in relation to investment activities, payment operations, financing, identity management, data analysis, big data, blockchain, and other technologies.”

Facebook has registered the “Libra” trademark with the US Patent and Trademark Office. The trademark is reported to be part of its internal encryption program. According to reports, Facebook has hired two cryptocurrency compliance experts who had worked in the encryption key exchange Coinbase.

Anonymous sources said that Facebook may release stable currency sometime in the third quarter of 2019. In early May, the US Senate Banking Commissioner wrote an open letter to Facebook founder and CEO Mark Zuckerberg, asking him to provide details about Facebook’s secret cryptocurrency project, especially with consumer privacy. Related content.

At present, little is known about Facebook’s Libra project. Juan Villaverde, an expert from Weiss Rating, believes that Facebook Coin’s rivals are PayPal and credit cards, not cryptocurrencies such as Bitcoin. He believes that Facebook’s possible logic is this: “Investigate the current global financial system to identify inefficiencies; recognize that traditional financial institutions in many parts of the world are underserved, many do not have any bank accounts; recognize existing payments Systems are often vulnerable to hacking and theft; some of the key features of blockchain or other types of distributed ledger technology are used to address these inefficiencies and serve as the backbone of new payment systems.”

The cryptocurrency exchange currency company also released a research report yesterday, saying that Facebook’s possible cryptocurrency will promote the “large-scale application” of cryptocurrency, which will also subvert the payment industry.

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