Crypto

Facebook's Swiss crypto currency company established


According to Reuters, the social network giant Facebook has established a new financial technology company in Switzerland that focuses on Blockchain and payments.

The company, Libra Network, was registered in Geneva on 2 May. Facebook Global Holdings has been registered as a shareholder of the company. Official documents show that the company wants to develop software and infrastructure associated with financial and technology-related services, as well as investment activities and data analysis.

The development shows that Facebook's crypto money plans are progressing at full speed. The company is expected to launch its secret project in 2019. The project is being developed under the leadership of David Marcus, the former president of Facebook Messenger. Marcus previously served as the president of PayPal for 2.5 years and was a member of the board of directors of the crypto money exchange Coinbase between December 2017 and August 2018.

A significant portion of the company's team is former PayPal employees. On the other hand, Facebook recruited two executives from Coinbase for adaptation this month

Also, this month the US Senate Banking Committee sent an open letter to Facebook's CEO Mark Zuckerberg, detailing the company's crypto money plans.

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