The social media giant, Facebook has reportedly set up a start-up company dubbed Libra Networks in Switzerland. The company is reportedly registered in Geneva and the Crypto Valley located in Zug is close by. Switzerland has long been recognized as the leading hub of blockchain and crypto, with the town of Zug referred to as the ‘’Crypto Valley’’ all over the world.
The move clearly correlates with Facebooks Project Libra. According to Geneva’s commercial register which maintains a public database containing the main information on legal entities, Facebook registered their new company on May 2 2019. According to a Reuters report, Facebook Global Holdings is a stockholder in the new company and it will, “provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.”
Plans submitted on the Swiss register reveal, Libra Networks LLC will provide financial and technology services and develop related hardware and software, registry also shows that the initial capital of CHF 20,000 will be required. Libra Networks LLC will be dividing the total capital into 100 equal contributions, where each contribution will be of CHF 200 worth.
The social media giants foray into the crypto industry has been slow and steady so far, the latest move being the hiring of two ex coinbase employers as reported on May 14. Although Facebook has always been vocal about the upcoming projects/developments, this time they are not making any official announcements. It must be noted that Fb coin is more of a speculation right now until the social media giant makes an official announcement.