Facebook Reportedly Set Up a Fintech Company in Switzerland

For months now, Facebook has been rumoured to be creating a cryptocurrency that will enhance data security. The secret project dubbed Project Libra has been ongoing for the past couple of months and it seems that the company is in the final stages of launching the cryptocurrency.

Facebook Fintech Company in Switzerland

News has emerged online that Facebook has set up a fintech company called Libra Networks in Switzerland. According to an article published by Reuters, the main goal of the fintech company is to come up with a blockchain network that will facilitate data analytics, investing, and payments.

The company, Libra Networks, was registered on May 2 2019 in Geneva and describe as an enterprise that will provide technology and financial services. The main investor in the company at the moment, Michael Novogratz stated that Project Libra will have major impact on the cryptocurrency industry.

In the past, Facebook has widely publicised new developments but this time, they open to secretly launch the company. No press releases or blog posts from the company has been published about this yet.

In countless interviews, the company has declined to disclose details of Project Libra or when it will be launched. It will be remembered that last year in December, the company executives hinted at plans to set up a facility in India. Early reports from people who are conversant with the project say that Facebook cryptocurrency will facilitate remittance of payments for Indian users who are also active on Whatsapp.

Facebook Libra Networks

Curiosity about Project Libra at an All-Time High

Project Libra was launched more than one year ago with its main objective been to facilitate secure money transfer through WhatsApp. That is, users of WhatsApp will be able to send and receive money using the blockchain technology.

After several months, the team working on the project expanded its scope to include e-commerce payments on Facebook as well as other websites. The blockchain technology will also be used to remittance rewards to users for viewing ads, interacting with content on the network, and shopping online.

After successful launch and implantation of the project, Facebook hopes to come up with a stablecoin whose value will be pegged on the local fiat currency.

Switzerland is considered the leading cryptocurrency and blockchain technology hub in the world. The decision to launch Libra Networks in this country is a clear indication of the good working environment offered by Switzerland government and financial regulator.

As Facebook was making plans to launch the fintech company in Switzerland, it was reported that recruiters were facing difficulties getting new experts to fill Facebook engineering jobs. The myriad privacy issue on the social media platform is one of the main factors that discourage most qualified engineers from accepting the job offers. Most of them are opting to work for other tech giants such as Microsoft, Google and Amazon.

Finally, there is a section of U.S lawmakers who are concerned about user’s data security when Project Libra is launched. Get more cryptocurrency news here.