The Social Network has created Libra Network to unroll its payment service and its headquarter will be the Swiss city of Geneva. We reported earlier this year that Facebook seeks venture capital investors to launch its stablecoin project.The Swiss newspaper Handelszeitung wrote yesterday that the Libra Network received an entry at the commercial register of Geneva on the 2nd of May.
Paypal’s David Marcus Will Direct Libra in Geneva
Reportedly, the Libra Network will have about 50 employees. David Marcus who grew up in Geneva will be the director of Libra. He used to be the president of Paypal‘s mobile division until he joined Facebook to become the Vice President of messaging products. However, on the 8th of May he became the director of the experimental blockchain group of Facebook.
Stablecoin Within Facebook’s Ecosystem
The project Libra focuses on the creation of a stablecoin. Users will be able to use the cryptocurrency within Facebook‘s ecosystem. So far, there are no details about partnerships, redemption infrastructure and technical details.