Facebook Registers New Fintech Firm in Switzerland
Max Boddy's original article for cointelegraph.com reduced by 43%
Social media giant Facebook has apparently formed a new financial tech firm, Libra Networks LLC, according to a filing on the Geneva Commercial Register. "...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 registered the trademark "Libra" with the United States Patent and Trademark Office back in June, which was reportedly part of its secretretive in-house crypto project. Facebook has also hired two cryptocurrency compliance experts who formerly worked at the major crypto exchange Coinbase as reported by Cointelegraph in May.
Anonymous sources have claimed that Facebook could release a native stablecoin some time in the third quarter of 2019. At the recent crypto conference Consensus 2019, Polychain Capital CEO Olaf Carlson-Wee commented that he thinks the rumored stablecoin should be built on a public, open source infrastructure. "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..
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Summarised crypto news.