Switzerland Welcomes Facebook’s Fintech Operation

Making a big statement on global regulatory jurisdiction, Facebook has set up a new fintech company (“Libra Networks”) in Switzerland. “Libra Networks” will develop blockchain technology and focus on payments, investing, financing, etc, etc, or basically everything. Believing that there are no random coincidences, it should be noted that Facebook is also very involved in developing their own cryptocurrency which is code named……..”Libra.” Once again it is becoming very apparent that the U.S. is dragging its feet in forming rules and regulations in the new digital asset/crypto world. The Swiss (and some others) are years ahead in creating a solid and friendly place for fintech companies to flourish. More below…

Bill Taylor/Fintek Capital

“Social networking giant Facebook, on May 2, has registered a new firm, ‘Libra Networks’, which will provide financial and technology services and develop related hardware and software. The firm that specialize in developing blockchain technology was registered on May 2 in Geneva.

Notably, on the same day when Facebook reportedly registered the new firm, Wall Street Journal (WSJ) had published a report where it said that “Facebook Inc. is recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system on the back of its gigantic social network”. The WSJ article pulled attention of the U.S. Senate that resulted in to an open letter to Mark Zuckerberg sent out by the U.S. Senate, asking details about their cryptocurrency project named ‘Libra’.

Citing the plant submitted by Facebook to Swiss registry office, a Reuters report said that Libra Networks will focus on “investing, payments, financing, identity management, analytics, big data, blockchain and other technologies”.

Last December, IndianWeb2 reported that the social network giant is working on making a cryptocurrency called ‘Stablecoin’ that will let users transfer money on WhatsApp messaging app, with India being first remittances market Facebook will be focusing at…”

Full Story at Indianweb2