Facebook plants project in crypto-friendly Switzerland

Monday 20 May 2019 11:20 CET | News

Facebook has reportedly set up a fintech company named Libra Networks in Switzerland, which correlates with the social media company’s Project Libra.

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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Keywords: Facebook, fintech, Libra Networks, Project Libra, cryptocurrency, Switzerland, stablecoin, blockchain, payments, data analytics, financial services, technology services, cryptocurrency technology, money transfers, ecommerce, shopping online
Countries: World