Taking one step further towards its secret stablecoin project, Facebook opens a new fintech firm. The social media giant’s new firm goes by the name Libra Networks. It’s similar to the trademark name which Facebook acquired last week. The information comes from a company registration filing on the Geneva Commercial Register. As per the registration filing document, the firm will deal with Fintech, payment operations, identity management. It will also work on blockchain, data-analysis, big data, etc.

To work on the crypto project, a team of former Paypal employees has been formed by facebook. The team also consists of former Paypal president David Marcus. For its rumored stable coin project, FB is looking for a huge investment of $1 billion. Currently, the social media company is in discussions with Visa and MasterCard regarding the project.

There is a lot of ongoing hype about the secretive crypto coin of facebook. According to the hearsays, Facebook may release its crypto around Q3 2019. This cryptocurrency may be used on major social media platforms like WhatsApp, and Instagram.