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Facebook founds fintech firm in Switzerland

Maya Mandz | May. 20, 2019
Facebook founds fintech firm in Switzerland

May 20, 2019, | AtoZ Markets - The social media giant Facebook has taken the crypto adoption to the next level after founding fintech firm in Switzerland. The new Swiss company, dubbed as Libra Networks will focus on the blockchain, payments, data analytics, and investing. The company’s launch correlates with the recently mentioned in media Facebook’s Libra project.

“Libra” finds its home in Switzerland

Geneva’s commercial register shows, that Libra Networks, with Facebook Global Holdings as a stakeholder, was registered on May 2.

The Swiss register says that the company’s goal: “Providing services in the field of finance and technology, as well as the development of infrastructure and software, in particular, related to investment activities, payment transactions, financing, identity management, data analysis, Big Data, blockchain, and other technologies."

There is no surprise that the social media giant decided to register its subsidiary in Switzerland. This country of cheese, chocolate, luxury watches, and Swiss banks has long been recognized as the leading center for blockchain and cryptocurrency.

The Swiss leading global financial hub - city of Zug with excellent domestic and global business networks, efficient bureaucracy, and low corruption in its turn has been recognized as“Crypto Valley” all over the world.

Facebook founds fintech firm and expands its compliance team

The serious intentions of the social media giant toward the blockchain and crypto adoption, can not be denied.  

According to the latest reports Facebook recently hired two former Coinbase compliance managers, Jeff Cartwright and Mikheil Moucharrafie.

Moucharrafie left Coinbase in April and joined Facebook this month. He works as a compliance officer for blockchain at the social media giant.

Jeff Cartwright left Coinbase in March after and joined Facebook as a policy and compliance manager this month, according to his LinkedIn profile.

“Libra” project raises more curiosity

Facebook launched project Libra more than a year ago to allow money transfers between WhatsApp users. Earlier, The Wall Street Journal reported that Facebook steblecoin will form the basis of the new payment system under the same name as the aforementioned Facebook' corporation registered in Geneve this month.  

Later, it was revealed, that Facebook is already negotiating cooperation with Visa, Mastercard, processing services and e-commerce giants. In addition, some sources said that Facebook intends to attract external funding in the amount of $ 1 billion for the project.

It is also worth to mention, that more than a week ago, the US Senate Banking Committee sent Facebook Inc an open letter, demanding the company to provide information about the aforementioned Libra project.

The company quietly began building up a blockchain research team last year, headed up by vice president and former Coinbase board member David Marcus. The company has posted numerous job listings for the team since, and it seems that the company has no intentions to stop.

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