Facebook establishes Swiss cryptocurrency company

Facebook has registered a new company in Switzerland that focuses on financial technology. The company is probably intended for the further development of stablecoin, Facebook’s own crypto currency.

The company called Libra Networks is listed in a public register in Switzerland, which also indicates that Facebook is the shareholder. Many details are not given in the register, but it is clear that Libra Networks has already been registered at the beginning of this month, and focuses on financial technology. This includes software for digital payments and the use of technologies such as the blockchain, and it is therefore likely that it concerns further development and management of the stablecoin cryptocurrency.

Rumors about that digital currency have been going on for months. Earlier this month, for example, the message came out that Facebook would like to reward viewing ads with stablecoins. In addition, WhatsApp users could make payments with the digital currency.

If the rumors are correct, Facebook will announce the stablecoin in this half of the year. The founding of the Swiss company makes it plausible that Facebook is on track to release the digital currency soon.