[2019-05-17] Facebook Registers Secretive ‘Libra’ Cryptocurrency Firm in SWI

[mich]

https://www.coindesk.com/facebook-registers-secretive-libra-cryptocurrency-firm-in-switzerland?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20


According to a Reuters report, Facebook registered a new company, Libra Networks, in Geneva on May 2. This coincides with the slow roll-out of their internal cryptocurrency that will define the company’s first foray into blockchain technology.

Facebook Global Holdings is a stockholder in the new company and it will, according to Reuters, “provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.”

Facebook’s march towards crypto has been slow and steady. The company’s latest move, the hiring of two Coinbase compliance managers, happened on May 14.

The Libra project has ruffled some feathers in Congress, as well. US lawmakers sent an open letter to the company seeking clarification on the currency’s purpose and implications.

They wrote:

    The Wall Street Journal recently reported that Facebook is recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system using its social network. Last year, Facebook asked U.S. banks to share detailed financial information about consumers. In addition, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act.

Facebook declined to comment on the new company. Recent rumors pointed to a tentative $1 billion raise to be used to build out the technology.

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[joniboini]

Facebook declined to comment on the new company. Recent rumors pointed to a tentative $1 billion raise to be used to build out the technology.

What a coincidence. Bitfinex also told us that they've raised $1 billion for their exchange tokens. Do bigger companies need bigger funds to open up a new product?

I honestly think they'll just create something like digital cash with private chains.

[CryptoBry]

Mark and his minions are now unstoppable in their quest to be one of the most important and financially-capable player in the world of cryptocurrency. And they are taking slow yet steady all because Mark is making sure they don't jump into the cold water unprepared and half-baked. The coming unveiling at what Facebook can offer to the global cryptocurrency market will soon be building the needed excitement and enthusiasm. How the market, the government, the Facebook users and the public will view and react accordingly to this development will be a great thing to watch. Definitely, big and famous names are now staking their future using blockchain and cryptocurrency. Facebook Coin...is coming soon.

[veleten]

there is nothing concrete about this project "Libra"
everyone assumes it is going to be a cryptocurrency token or a startup dealing with the new facebook supported cryptocurrency
I would wait for the official announcement or more info , this project "Libra" can be anything ,really
Bitfinex raised 1 bil for their token and it can be a successful campaign and a successful token , just look at BNB
despite all the problems , its price has gone up from 1-2$ to 26$ at some point , think it is at 25$ currently

[davis196]

Why do they choose Switzerland?
Can't they just register a cryptocurrency firm in the USA or some offshore island near the US,like Bahamas?
I've heard about this Libra project two months ago and I didn't believe that Facebook is actually on it's way to create a cryptocurrency.Now,I think that the gossips might be right.

[stompix]

It's such a damn secretive firm that everyone knows about. /s

What do you expect them to do, publish on their website all the employees, their wages, their date of birth and middle-high school they've attended, the rent and electricity bill and how much porn they watch every day?

It's so damn funny that people are always attacking facebook about keeping their privacy safe but at the same time, they are so damn curious about others.

Why do they choose Switzerland?
Can't they just register a cryptocurrency firm in the USA or some offshore island near the US,like Bahamas?

Because Switzerland is kind of safe heaven both for your business and for political reasons.
Plus it's a country with strong ties both commercial and banking to the entire EU and it's also good for publicity.
Imagine them starting this in Bahamas, Bermuda or something else, everyone would raise their eyebrows.

[Naida_BR]

https://www.coindesk.com/facebook-registers-secretive-libra-cryptocurrency-firm-in-switzerland?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20


According to a Reuters report, Facebook registered a new company, Libra Networks, in Geneva on May 2. This coincides with the slow roll-out of their internal cryptocurrency that will define the company’s first foray into blockchain technology.

Facebook Global Holdings is a stockholder in the new company and it will, according to Reuters, “provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.”

Facebook’s march towards crypto has been slow and steady. The company’s latest move, the hiring of two Coinbase compliance managers, happened on May 14.

The Libra project has ruffled some feathers in Congress, as well. US lawmakers sent an open letter to the company seeking clarification on the currency’s purpose and implications.

They wrote:

    The Wall Street Journal recently reported that Facebook is recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system using its social network. Last year, Facebook asked U.S. banks to share detailed financial information about consumers. In addition, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act.

Facebook declined to comment on the new company. Recent rumors pointed to a tentative $1 billion raise to be used to build out the technology.

How do we have news on that if it is seretly? 
Maybe huge corporations are doing moves behind the scenes and this is the reason why the market is going up. Probably Facebook thought that it is a good timing to join the market and they start adopting blockchain technology by establishing another firm.

[cryptolove.143]

This will be a competitor to BAT , and other AD tokens , but tied to their FB money services of current. They will give you .05% ad value on your content and a bit of incentives with certain publishers. You can spend this currency on FB marketplace. I think Project Libra is a great competitor on the ADS market as I am also seeing a great competition between these projects:

Patientory - has been designed to help the entire healthcare community by giving patients a platform to store their health information securely; healthcare providers instant access to the medical information; and healthcare institutions the solution to save cost on data breaches.

TecraCoin - Their goal is to streamline this irreversible process and mark our role in transforming the civilization. They have created an Internet platform for raising capital that will support the commercialization of high end technologies protected by patents. By using a Blockchain-based distributed ledger, guaranteed transparency of the investments based on TecraCoin

Medicalchain - aiming to address the problem of safety of medical records while providing an immediate utilization of health records by enabling immediate interaction between patients and doctors.