Facebook to Set Up Fintech Firm “Libra” in Switzerland

By Tracy Hannes | May 20, 2019

Facebook, the world’s leading social media platform, has set up a new fintech firm named Libra Networks LLC in Switzerland, which was said to be one of its secretive internal cryptocurrency projects.

Registered in Geneva by Facebook Global Holdings II LLC on May 2, Libra Networks will focus on “investing, payments, financing, identity management, analytics, big data, blockchain and other technologies”, reported by Reuters.

As a major stockholder, Facebook Global Holdings is aiming to “provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.”

Recently, Facebook has reportedly hired two fresh compliance professionals, both have formerly been an employee of Coinbase, the US-based, high profile crypto exchange platform. Prior to that, Facebook has filled up its internal blockchain team by recruiting 5 positions including growth product manager, product manager, data scientist, software engineer, and business operations manager.

Reported by The Crypto Sight on May 13, the Committee on Banking, Housing, and Urban Affairs of the US Senate has expressed its concern towards Facebook’s new cryptocurrency project. The committee wrote an open letter to Facebook founder and CEO Mark Zuckerberg in order to seek more information on the secret crypto project, saying:

“In addition, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act.”

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