The social media giant has gone over to Switzerland to establish a new fintech company. We’ve already heard about Project Libra, which the company is pursuing. So, it is safe to say that the new project has come to fruition. The name of Facebook’s new company in Switzerland is Libra Networks.
From the reports reaching our desk, this new company is focusing on blockchain, data analytics, investing, and payments. The fintech company became a legal entity on the 2nd of May in Geneva. It will be providing technology and financial services and also develop software and hardware.
Facebook Was Secretive About the New Company
The social media giant has never kept quiet about any of its projects. It was surprising to see that this project was different. It didn’t get all hypes which we know Facebook for such as blog posts and press releases about its projects. Opening the company in Switzerland was very quiet, and even though we don’t know why Libra networks is a reality.
For now, the company is yet to provide the news on where it will be launching Project Libra. One thing we know is that it will be in December. Another thing we can use as a hint is that Facebook made some talks about establishing in India. Also, we got a report that the cryptocurrency which the company plans to release will facilitate payments. We are therefore not talking about online trading platforms or robots like the Global Crypto App or Bitcoin Blueprint.
Let’s recall that the company launched this new project to enable WhatsApp users to transfer money amongst themselves. This was the initial plan and service, but it has gone past that now by integrating more features. Firstly, there was a decision to facilitate e-commerce payments via Facebook and some other websites. There was also a plan to offer rewards for shopping online, viewing ads, and promoting contents.
After achieving all these, the company is planning a stablecoin which will have the same value as the local currency. This may be another facilitator for crypto trading. Moving into Switzerland is not a mistake by Facebook. The country is popular for being a blockchain hub. Not only that, Zug encourages digital crypto exchanges, which makes people everywhere call it the Crypto Valley.
Facebook Had Some Challenges This Period
It is true that the company made a huge step by expanding to Switzerland. However, it had some serious challenges in the home front. While the company was making moves for the project, it was not finding it easy to hire talent. Facebook engineering vacancies haven’t been easy to fill. We got a report that most recruiters are lamenting that finding engineers for the company is becoming very difficult.
Many people may wonder at this, but the reason is that Facebook’s privacy issues are many. Potential hires are not comfortable with it, and as such, they are not eager to work for the company. Instead of working for Facebook, these talented engineers are going over to Microsoft, Amazon, Google, etc.
However, the U.S lawmakers have expressed their concerns that Project Libra may face challenges. Their reason is that Facebook finds it difficult to protect the data of its users. So, maybe this new project may become a victim as well.