Social media company – Facebook has continued to tease with cryptocurrency and blockchain projects; from recruitment of industry experts, purchase of crypto company trademark, news of a possible Facebook coin and many more.
Making new headlines is Facebook’s registration of a financial technology (Fintech) firm – Libra Networks LLC; according to a filing on the Geneva Commercial Register in Switzerland. It will be recalled that Facebook had filed a similar patent for the Libra trademark in the United States, sending strong signals of its intent in the blockchain/cryptocurrency industry.
The registration details show Facebook Global Holdings II LLC as a major shareholder of the company. A snippet of the company filing reads:
…services in the fields of finance and technology, as well as the development and production of software and related infrastructure, in particular in connection with investment activities, the operation of payments, financing, identity management, data analysis, big data, blockchain and other technologies.
These moves and many more, breed news of Facebook’s low key incorporation of crypto and blockchain within its company framework. Facebook also recently hired two cryptocurrency compliance experts on May 14th; both of which were former employees at US crypto exchange Coinbase.
The social media company has however maintained a on non-disclosure stance by neither denying nor acknowledging these claims. The US congress this month, sent a clarification letter to the Facebook board seeking information on its rumoured ‘Facebook coin’ in relation to user privacy and specifics about the project.
In general, the believe around the crypto space remains that Facebook’s involvement in the cryptocurrency and blockcahin industry will portray a massive boost for adoption, payments and institutional involvement.