FACEBOOK FORMS SWISS FINTECH FIRM WITH PAYMENTS FOCUS

May 18,2019 at 06:36 am




Geneva's commercial registerers  recently shows that the social media giant Facebook, has set up a new financial technology company ZURICH (Reuters) in Switzerland focusing on blockchain and payments as well as data analytics and investing.



The U.S. Senate Banking Committee this month sent an open letter to Facebook CEO Mark Zuckerberg asking how a new cryptocurrency-based payments system related to legal, regulatory, privacy and consumer protection concerns, following a Wall Street Journal report.



Facebook, whose social network has more than 2 billion users, did not immediately comment on Libra Networks, which will focus on "investing, payments, financing, identity management, analytics, big data, blockchain and other technologies."

Libra Networks, with Facebook Global Holdings as stakeholder, was registered in Geneva on May 2 to provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.

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