Facebook Registers Fintech Firm in Geneva

Facebook Registers Fintech Firm in Geneva

A peep at the Geneva Commercial Register suggests, that social media behemoth Facebook has established yet another fintech firm – Libra Networks LLC.

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A peep at the Geneva Commercial Register suggests, that social media behemoth Facebook has established yet another fintech firm – Libra Networks LLC. Facebook Global Holdings II LLC has registered the new company in Geneva (Switzerland) on May 2.

The official filing reads:

…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.”

In June 2018 Facebook registered the “Libra” trademark within the US Patent and Trademark Office. Since then rumor has it, the company is working on its own in-house digital asset. Once two former Coinbase executives joined the social media giant, the speculation was fueled and pumped out of proportion.

Indeed, Facebook has been flirting with the idea of launching its own stablecoin for quite a while now. Furthermore, anonymous sources pump the hype by stating “Facecoin” will be publicly launched in Q3 2019.

During the Consensus 2019 conference, the CEO of Polychain Capital Olaf Carlson-Wee touched upon the matter, hinting that the stablecoin in question should run on the top of an open source infrastructure. Carlson-Wee noted that since Facebook has been recently surrounded by privacy controversies, an open source stablecoin project would boost its trustworthiness.

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.”

Stablecoin projects are getting more and more popular over time mainly because they offer everything a traditional cryptocurrency would offer apart from anonymity and volatility. What’s more, even central banks seem interested in exploring this opportunity.