Facebook owns the rights to a Swiss-based blockchain project called Libra

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Facebook is working on a hidden fintech company based in Switzerland, according to Reuters.

The social media giant takes the lead

Supposedly, the project will emphasize blockchain, payments, and data analytics on top of a few other similar ideas. Its name is Libra Networks. Facebook Global Holdings registered it in Geneva on May 2. This news comes to Reuters via the Swiss register.

While they reached out to the social media giant, Facebook did not respond. Libra Networks’ project description reads as a focus on “investing, payments, financing, identity management, analytics, big data, blockchain and other technologies.”

This is interesting, considering all the rumors surrounding Facebook’s potential blockchain division. For starters, some believe the group is working on a stablecoin for a public blockchain, but we don’t really know for sure. Could it be a cryptocurrency wallet or something else entirely? Whatever it is they’re doing, the United States Senate is a little worried. However, Facebook did lighten up on its crypto ad banning policies, so we’re likely to see something sooner rather than later.

Angering the world

One should also note, however, that Congress isn’t overly happy about Facebook’s involvement in crypto either. According to an open letter to Mark Zuckerberg’s company, they want more clarification. An excerpt from letter, as reported by CoinDesk:

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

Otherwise, recent rumors have been going around that Facebook is looking at raising $1 billion for its project. Either way, it’s good that such an influential company is getting into crypto. At least, it seems like it. If the general public sees Facebook getting involved with cryptocurrency, they may want to go out and buy Bitcoin or some other assets as well.

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About Max Moeller

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend.