Facebook is expanding its business and investing in the financial market. The company confirmed on Friday (17) the creation of Libra Networks, focused on blockchain and payments.
Libra will also work with data analysis and investment, according to the company’s trade register in Geneva, Switzerland, where it is located. In the document, Facebook appears as a shareholder of the company.
The company had discussed the matter with Visa and MasterCard to establish partnerships and ensure that the currency was accepted as a means of payment.
At that time, Facebook also wanted total investments of $ 1 billion to be able to sustain the value of the currency and protect it from the volatility of crypto-coins.
On May 9, the US Senate Banking Committee even sent an open letter to Facebook CEO Mark Zuckerberg asking how a new crypto-money based payment system related to legal, regulatory, privacy, and protection concerns to the consumer.
Facebook is at the center of a controversy over the misuse of users’ personal data. Last week, it echoed an editorial written by Facebook co-founder Chris Hughes defending the company’s dismemberment. The news was received with support from Democratic candidates for the presidency of the United States.
Libra was registered in Geneva on May 2 to provide financial and technology services, as well as to develop related hardware and software. So far, it has been known that Libra will focus on “investments, payments, financing, identity management, analysis, big data, blockchain, and other technologies.”
Facebook has not publicly commented on the creation of Libra Networks.
Currently, the company has a payment system in the United States so that users can transfer money through the Messenger messaging application. The appeal also existed in Europe but was discontinued last month. “We made the decision to focus our efforts on experiences that people find most helpful,” the company said at the time.