Facebook Libra Networks Project 2020

by Fernando S. Online expert

Credits Marco Cavicchioli According to a Reuters report, Facebook registered a new company, Libra Networks, in Geneva on May 2, 2019. This coincides with the introduction of their internal Libra cryptocurrency which will define the company's first step in blockchain technology. Facebook Global Holdings is a shareholder of the new company and, according to Reuters, "will provide financial and technological services and develop related hardware and software, the plans presented on the Swiss register reveal". Facebook's progress towards cryptocurrencies was slow and constant.

The company's latest move, the hiring of two Coinbase compliance manager managers , took place on May 14, 2019. Development is the most tangible sign today and it seems that Facebook's plans for blockchain technology and the payment arena are really going full speed ahead. The filing of 2 May 2019 in the new company's commercial register in Geneva shows that the new fintech company will not be unique in its focus.

Rather, the startup's operations will have the same goals, with an eye on "investments, payments, financing, identity management, analysis, big data, blockchain and other technologies". The indication of Libra Network's commitment to "identity management" is interesting, as Facebook co-founder and CEO Mark Zuckerberg previously expressed a desire to test the blockchain for "distributed access". In the wake of the Libra Network news, it seems clear that the Facebook ongoing stablecoin project will be fielded under the competence of the new company.

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So, what do we know about the currency as well as who will probably manage it? To begin with, New York Times journalists Nathaniel Popper and Mike Isaac revealed in March 2019 that the Facebook stablecoin was tentatively designed as a "basket", a token anchored to various assets, in particular legal currencies, rather than just one.

At the same time, Popper and Isaac noted that the development of the basketcoin had progressed to such an extent that Facebook was already contacting the cryptocurrency exchanges to list the currency on their respective platforms. Zuckerberg said the Facebook Coin Libra cryptocurrency could even be released publicly by the end of 2019. In April, Popper reported that Facebook was trying to raise $ 1 billion from venture capital firms, probably as collateral, for its Libra stablecoin.