Facebook is setting up a company specializing in blockchain in Geneva. His project: to develop the crypto-currency of the social network.
Top start for Facebook’s cryptocurrency. The social network has created a company specializing in financial settlements associated with blockchain, according to HandelsZeitung, the main financial newspaper in Switzerland,
Based in Geneva and called Libra Networks, the company has been in existence since the beginning of May. The recruitment of around ten positions, with engineer profiles, has already been launched.
Its creation echoes the revelation of the New York Times on a project to create a Facebook Coin, a cryptocurrency that could be exploited by applications of the social network (WhatsApp, Facebook, Instagram).
The project (which has the code name… Libra) is led by David Marcus, former PayPal boss who runs Facebook’s Blockchain activity.
To limit significant variations in the value of its cryptocurrency, Facebook intends to back it up with traditional currencies.
In addition to payments and exchanges of funds between users, this virtual currency could also be used to remunerate Facebook users for their interactions with content published by the management of the social network.
The project was to be completed in the summer of 2019.
The statutes deposited in the Geneva commercial register mention that Libra Networks can create branches and subsidiaries in Switzerland and abroad. Its purpose is “the provision of services in the fields of finance and technology, as well as the development and production of software and infrastructure (….) In particular in connection with the operation of payments, the analysis of data, big data, blockchain and other technologies ”.
According to The weather, Libra Networks is hosted in a co-working space in the center of Geneva and managed by the president of Facebook Switzerland, which markets advertising for the Swiss audience.
The Swiss daily specifies that two executives from the audit and financial consulting firm BDO, which hosts Facebook’s activity in Switzerland, are managers of Libra Networks.