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Facebook Registers New Fintech Company in Geneva

Social media firm Facebook has set up a new financial technology firm in Geneva, Switzerland, Reuters reports, May 17, 2019.

According to a filing with the Geneva Commercial Register, on May 2, 2019, Facebook Global Holdings II LLC registered a firm named Libra Networks LLC. The blue and white social media giant has been very cautious of splurging details about its blockchain and cryptocurrency project called “Project Libra.” A part of the project’s official filing with the Swiss company regulator reads:

“…services in the fields of finance and technology, as well as the development and production of software and related infrastructure, in particular in connection with investment activities, the operation of payments, financing, identity management, data analysis, big data, blockchain, and other technologies.”

Notably, Facebook recently registered the trademark “Libra” with the U.S. Patent and Trademark Office, which hints that the company’s plans to foray into the crypto industry weren’t a last-moment decision. In fact, the firm began hiring employees for its mysterious crypto venture back in March 2019.

Per sources in the know, Project Libra includes a stablecoin pegged to a basket of various foreign currencies, rather than just the US dollar. Reports suggest that this stablecoin will let users transfer money on its WhatsApp instant messaging app.

According to the latest developments, the company is eyeing India as its first target market to pilot its stablecoin despite the country’s ambiguous cryptocurrency regulations. However, the company is yet to make any official announcement regarding the exact time of the launch of its cryptocurrency.

Facebook, whose user base exceeds more than two billion people, has been steadily warming up to launch its crypto initiative.

BTCManager reported on May 9, 2019, that the company had “softened” its advertisement policy towards crypto and blockchain companies. The timing of such a change in stance was especially interesting as it came amid the launch of its highly-anticipated stablecoin.

It’s also worth highlighting that the owner of popular apps such as WhatsApp, Facebook Messenger, and Instagram has often found itself in the middle of public and regulatory scrutiny over allegations of compromising its users’ personal data. Despite these concerns, however, the company continues to enjoy goodwill among its enviable user base.

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