Facebook Takes Crypto Down to Switzerland with a New Company, “Libra Networks”

Facebook has been featured in some crypto-related news for a couple of months now because of its plan to introduce a cryptocurrency and also a crypto payment platform sooner or later. The much-anticipated Facebook coin, which is proposed to work on the WhatsApp Messenger app of the social networking giant, is yet to be launched; however, news making rounds at the moment confirm that Facebook has taken another step towards the crypto space – not in the direction of the Facebook coin though.

Instead of the crypto coin we have all been waiting for (at least since late last year), the giant social network has recently been reported to set up a new fintech company called Libra Networks in Switzerland. The newly launched company, according to the report, was created exclusively for blockchain and payments activities, as well as data analytics and investing. In simple terms, the newly established company will provide financial and technology services in tandem with the development of hardware and software solutions.

The report also disclosed that the firm, which was registered in Geneva about two weeks ago, will offer services in investing, analytics, identity management, payments, big data, financing, blockchain, and other technologies. As with most blockchain-based solutions, this will contribute greatly to the crypto space. Thus, pushing it a tad further towards the mainstream.

I guess this new move is in a bid to lay a solid foundation for the highly anticipated Facebook coin. It would be amazing to see how much change the crypto coin can cause, seeing that WhatsApp alone boasts over a billion people from across the globe.

Nonetheless, it will be recalled that the social media giant has been in the news lately for the misuse of consumer’s data. Facebook, which is also the owner of some top social media platforms such as WhatsApp and Instagram was accused of abusing consumer’s personal data. The platform is yet under regulatory scrutiny and we can’t help but wonder if that is the reason for the delay in the launch of the Facebook coin.

Whatever be the case, you can always trust us to bring you the news as they drop. Stay glued!

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