Facebook sets up Swiss fintech for blockchain, payments

|About: Facebook, Inc. (FB)|By:, SA News Editor

Facebook (NASDAQ:FB) has established a financial technology company in Switzerland, enabling a focus on payments and blockchain.

Libra Networks was established in Geneva, and the company is owned by Ireland's Facebook Global Holdings II.

The commercial register shows the company is set up to offer financial and technology services and develop related hardware and software.

That could mean advancements on a Facebook-based cryptocurrency -- one that would be tied to the U.S. dollar and potentially much more stable than Bitcoin.

Previously: Report: Facebook looking to VC funding for cryptocurrency (Apr. 08 2019)

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