Altcoin News: Facebook Has Registered a Company in Switzerland for the Likely Development of Stablecoin

May 20, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Facebook has registered a new Fintech company in Switzerland, focused on work in such areas as blockchain, payments, data analysis, and investment, which can serve as yet another confirmation of its plans to launch its own stablecoin, Reuters writes referring to the register of commercial enterprises in Geneva.

The division is called Libra Networks and is owned by Facebook Global Holdings. Its registration was carried out on May 2 in order to provide financial and technological services, as well as the development of related hardware and software solutions.

Facebook stablecoin is supposed to share the name with a newly registered company: Libra. Last week, US senators prepared an open letter for Facebook, in which they asked the company to share information about the Libra project.

Also recently, Bloomberg reported that the official announcement of Libra could take place in the third quarter.

According to the WSJ, Facebook will form the basis of a full-scale payment network with support for a variety of services.

Author: Marko Vidrih