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Facebook Registers Secretive 'Libra' Cryptocurrency Firm in Switzerland

May 17, 2019😶Neutral

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 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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