Facebook Cryptocurrency Project ‘Libra Networks’ Opens Office in Switzerland

facebook doubts
Image Source: Shutterstock

Facebook Cryptocurrency Project ‘Libra Networks’ Opens Office in Switzerland

Facebook has been highly secretive about its recent endeavor with cryptocurrency and blockchain. A more transparent approach could raise speculations in the market. Moreover, the regulations around cryptocurrency and payments have been unclear as well. Recently, the U.S. Senate Banking Committee sent an open letter to Founder Mark Zuckerberg, demanding the details about its cryptocurrency project: Libra.

Furthermore, according to the press release by Reuters, the chief executives of Facebook’s subsidiaries WhatsApp, Instagram and Messengers have been under regulatory scrutiny over privacy issues.

Reportedly, Facebook has registered the of ‘Libra Networks’ in Geneva, Switzerland. Facebook is the stakeholder of the company which aims to provide financial and technology services and develop related hardware and software, according to Reuters findings. The registration was made on 2nd May 2019 in Geneva. According to the fillings,

“investing, payments, financing, identity management, analytics, big data, blockchain and other technologies.”

Facebook has acquired trademark rights to Libra reportedly and is recruiting dozens of financial firms and online merchants.

Facebook has also been on a hiring spree for its new blockchain team that has more than 40 members from the FinTech industry. It also took a lenient stance on the advertising of cryptocurrency and blockchain projects on its giant social media platform.

Do you think that the move from the US to Europe was due to regulatory pressures? Please share your views with us. 

Summary
Facebook Cryptocurrency Project Libra Networks Opens Office in Switzerland
Article Name
Facebook Cryptocurrency Project Libra Networks Opens Office in Switzerland
Description
Reportedly, Facebook has registered the of 'Libra Networks' in Geneva, Switzerland. Facebook is the stakeholder of the company which aims to provide financial and technology services and develop related hardware and software, according to Reuters findings.
Author
Publisher Name
CoinGape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Post your comment...
Nivesh Rustgi 723 Articles

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Follow Nivesh @