Facebook Registers Secretive’Libra’ Cryptocurrency Company in Switzerland

Facebook’s march towards crypto was slow and steady. The company’s most up-to-date move, the hiring of two compliance supervisors, happened on May 14.

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According to a Reuters report, Facebook registered a new company, Libra Networks, in Geneva on May 2. This contrasts with the of the inner cryptocurrency which will define the company’s very first foray into blockchain technology.

Some feathers has ruffled in Congress, too. US lawmakers sent an open letter to the business seeking clarification about the money purpose and consequences.

The Wall Street Journal reported that Facebook is recruiting heaps of retailers and financial firms to help establish a cryptocurrency-based payments strategy. This past year, Facebook requested U.S. banks to share detailed financial information about consumers. Additionally, privacy experts have raised concerns about Facebook’s extensive data collection practices and if any of the information is being used for purposes which should subject Facebook or do.
Facebook Global Holdings is a stockholder in the new business and it will, according to Reuters,”offer financial and technology services and create relevant hardware and applications, plans submitted in the Swiss register show.”
Facebook declined to comment on the new company. Recent rumors pointed to a $1 billion increase to be utilised to build the technology out.