New Libra Networks Firm Registered by Facebook in Geneva to Focus on Blockchain

According to a filing as seen on the Geneva Commercial Register, Facebook Global – the parent company for the most popular social media platform in the world – has just registered Libra Networks LLC, a new financial technology company. The filing shows that the new firm was registered on May 2, 2019.

According to the document, Libra Networks LLC was established for the

“provision of services in the fields of finance and technology, as well as the development and production of related software and infrastructure, particularly in connection with investment activities, the payment operation, the financing, identity management, data analysis, big data, blockchain and other technologies.”

Facebook’s Stablecoin

Some time ago, Libra was rumored to be the name of a stablecoin being developed by Facebook. This rumor spread a lot more when Facebook officially published a few blockchain related vacancies. Indirectly corroborating the stories, Facebook reportedly registered the “Libra” name with the Patent and Trademark Office of the United States. This, it was rumored, was to facilitate a plan for Facebook’s blockchain endeavors. Earlier in May, Facebook officially hired two compliance managers who used to be staff at Coinbase, one of the biggest cryptocurrency exchanges in the world.

Olaf Carlson-Wee, the CEO of Polychain Capital – an investment firm for managing blockchain assets – has said that it would be advisable for Libra to be built on a public and open source blockchain platform like that of Bitcoin, where control is completely surrendered. This, he said, would be in the best interest of the social media giant especially considering all the problems Facebook has had regarding privacy.

Speaking as part of a panel called “To the Moon and Back” at the Consensus 2019 cryptocurrency conference which took place in New York, 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.”

Facebook is currently going through some friction as co-founder, Chris Hughes, together with many other officials, politicians and citizens are calling for a breakup of the company because of the giant’s intimidating size and overbearing dominance in the life of its billions of users.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify bitcoin stories to the bare basics so that anyone anywhere can understand without too much background knowledge and add in social research and feedback insights. When he's not neck-deep in crypto news, Tolu enjoys music, loves signing and is an avid movie lover.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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