Facebook Registered a Secretive Firm Named Libra in Switzerland

According to the reports provided by Reuters, Facebook has registered a secret company in Switzerland. The company name is Libra, and it was registered on the 2nd of May. Facebook has been planning to launch its own blockchain, and this secret registration of a company is not a mere coincidence but proves that Facebook is ready to enter the crypto world.

Reuters confirmed that Facebook Global holdings would be the one that will make financial investments in the company and also supports it by providing both technological and hardware as well as software services. The company mentioned these plans while submitting the company for registration.

Facebook is taking a step by step procedure for the launch of cryptocurrency. The company isn’t rushing it as they want the perfect launch and everything in place.

The company recently hired to compliance managers from the popular cryptocurrency exchange platform Coinbase for this project.

As soon as the U.S. lawmakers got to know about this incident, they sent an open letter to Facebook, asking them to explain the purpose of this new company.

They issued  a statement

“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 door should subject Facebook to the Fair Credit Reporting Act.”

Facebook has declined to make any comments about the new company. If rumors are to be believed, nearly $1 billion is raised to fund this Libra.

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