Facebook establishes Swiss company for crypto currency

Facebook has registered a new company in Switzerland focused on financial technology. The company is probably intended for the further development of stablecoin, Facebook’s own crypto currency.

The company named Libra Networks is listed in a public register in Switzerland, while also indicating that Facebook is the shareholder. Many details are not given in the register, but it is clear that Libra Networks was already registered at the beginning of this month, and focuses on financial technology. This includes software for digital payments and the use of technologies such as the blockchain, and it is therefore likely that it will involve further development and management of the stablecoin cryptomunt.

There have been rumors of that digital currency for months. Earlier this month the message came out that Facebook would like to reward viewing advertisements with stablecoins. In addition, users of Whatsapp could make payments with the digital currency.

If the rumors are correct, Facebook will announce the stablecoin in this half of the year. The founding of the Swiss company makes it plausible that Facebook is on track to release the digital currency soon.

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About Shawn Morrison 204 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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