Facebook establishes Libra Networks LLC – its new SWISS FinTech Arm

BFSI News

Facebook-establishes-Libra-Networks-LLC-–-its-new-SWISS-FinTech-Arm Facebook establishes Libra Networks LLC – its new SWISS FinTech ArmFacebook, a Menlo Park, California-based online social media and social networking platform, as per recent reports last week, has established a new fintech firm focusing on blockchain and payments – Libra Networks LLC – as per a Geneva Commercial Register filing.

Reports are that Libra Networks, which was registered in Geneva on Thursday, May 2nd, 2019 by Facebook Global Holdings II LLC. As per the official filing the purpose for the filing is stated as, “ Provision of 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.”

Facebook, has already registered the trademark “Libra” with the United States Patent & Trademark Office (USPTO) as part of the social media giant’s secretive in-house crypto project.

Furthermore, Facebook has already appointed two former Coinbase officials as new compliance experts. Mikheil Moucharrafie and Jeff Cartwright have joined Facebook as new compliance officers after their respective four and five years stint at Coinbase.

Speculative reports suggest that Facebook is gearing up for releasing its native stablecoin in the Q3 of 2019.