Facebook registers new cryptocurrency firm Libra Networks in Switzerland

Facebook has registered a new financial technology company, Libra Networks, in Geneva, Switzerland, on May 2, as shown on Geneva’s commercial register.

The new subsidiary, with Facebook Global Holdings as the stakeholder, aims to provide financial and technology solutions and develop related hardware and software, according to Reuters. It will reportedly focus on “investing, payments, financing, identity management, analytics, big data, blockchain, and other technologies.”

Facebook is taking a slow and steady move towards its crypto ambition. Just this month, the owner of WhatsApp, Messenger, and Instagram has been on a hiring spree for its new blockchain team. It recently hired two compliance managers from cryptocurrency exchange Coinbase. Both Mikheil Moucharrafie and Jeff Cartwright on-boarded Facebook as the company’s new compliance officer and policy and compliance manager, respectively.

Several reports surfaced earlier this year suggesting that Facebook was working on “Facebook Coin." - a stablecoin pegged to a basket of different foreign currencies. The cryptocurrency project even reached the US Senate Committee on Banking, Housing, and Urban Affairs.

In 2018, Facebook revealed its plan to explore potential blockchain technology applications. Mark Zuckerberg, CEO of Facebook, also noted that the company will start looking into cryptocurrencies to empower individuals and “how to best use them in our services.”