Facebook has reportedly set up a fintech companydubbed Libra Networks in Switzerland. The moveclearly correlates with the social media giant’sProject Libra.
The focus of the fintech is on the blockchain, payments, data analytics, and investing.
Libra Networks, which was registered in Geneva onMay 2, will provide financial and technology services. Also in its wheelhouse will be developingrelated hardware and software.
Famed investor Michael Novogratz recently called Project Libra “stunningly important” to thecrypto space.
Given Facebook’s history of boasting about its projects, you’d think it would be bragging aboutProject Libra. That’s not the case. The Switzerland move was done with no fanfare such ascompany press releases or blog posts. This seems to be the way Facebook has chosen to roll outits Project Libra.
It’s keeping close to the chest even where the project will be launched. In December, it hintedat plans to set up shop in India. Early reports suggest Zuckerberg’s cryptocurrency willfacilitate overseas remittance payments for Indian WhatsApp users.
Facebook launched Project Libra more than a year ago to allow money transfers betweenWhatsApp users. Over time, however, the scope of the project has expanded. That includes thedecision to include e-commerce payments on Facebook and other websites as well as rewardsfor viewing ads, shopping online, and interacting with content.
When all is done, Facebook hopes to have a stablecoin that is pegged to the value of a localcurrency.