Facebook Travels To Switzerland To Set Up New Fintech Firm

Facebook has been actively dabbling in fintech and crypto, for quite some time now. Their recent move is testament to the conjecture surrounding the social media giant. The company has set up a new financial tech firm in Switzerland.

Libra Networks LLC, is the new fintech firm that has been set up by Facebook, according to a filing on the Geneva Commercial Register. It was registered in Geneva on May 2.

The official filing the which the firm provides, states:

“…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.”

Now there is already heavy talk in the market about Facebook’s intention of launching a stablecoin in 2019. This move just adds fuel to the fire, and cements our suspicions regarding the company’s expected entry into the crypto industry.

Facebook has registered the trademark “Libra” with the United States Patent and Trademark Office back in June. It has also hired two cryptocurrency compliance experts, both former employees of Coinbase, one of the world’s biggest crypto exchanges. All of this appears to be a part of Facebook’s secret in-house crypto project.

It is now more or less the market’s belief that the new Facebook coin should be public by the Q3 of 2019.

Recently, Polychain Capital CEO Olaf Carlson-Wee said:

“I think given all the problems that Facebook has had with policing their platform and things like that, I think that the strategic move for Facebook would actually be to build public infrastructure. And that public infrastructure could be incorporated onto all the Facebook platforms, which of course are proprietary. But that public infrastructure, if they don’t try to own it, I think that’s where they will have the most success.”

It now remains to be seen how Facebook goes about their much awaited crypto project launch.