As per Reuters, the focus of the fintech is on the blockchain, payments, data analytics, and investing. Libra Networks was registered in Geneva on 2 May, and will provide financial and technology services. Moreover, related hardware and software will be developed in its wheelhouse. Switzerland has been recognised as a hub of blockchain and cryptocurrency technology, with the Swiss town of Zug referred to as ‘Crypto Valley’ throughout the world.
Moreover, although Project Libra has been considered important to the crypto space, the Switzerland move was done with no fanfare, such as company press releases or blog posts. Facebook launched Project Libra to allow money transfers between WhatsApp users. Over time, the scope of the project has expanded to include ecommerce payments on Facebook and other websites, as well as rewards for viewing ads, shopping online, and interacting with content. Also, Facebook hopes to have a stablecoin that is pegged to the value of a local currency.
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