Facebook Registers New Fintech Firm, Libra Networks LLC in Switzerland

Social media giant Facebook has reportedly filed a license for a new financial tech firm, Libra Networks LLC with Geneva Commercial Register. As per the filing, Libra Networks registered in Geneva on May 2 by Facebook Global Holdings II LLC.

The official filing states:

“…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.”

In May, Facebook registered the trademark “Libra” with the United States Patent and Trademark Office, reportedly as a part of its secretive in-house crypto project. The firm has additionally hired two cryptocurrency compliance experts who formerly worked at the major crypto exchange Coinbase.

Further, anonymous sources have revealed that Facebook could release a native stablecoin sometime in the third quarter of 2019. Polychain Capital CEO Olaf Carlson-Wee recently spoke at a crypto conference Consensus 2019, commenting over the rumored stablecoin should be built on a public, open source infrastructure.

As per him, it would be in the self-interest of the company given recent controversies surrounding 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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