Switzerland Home To Facebook’s New Fintech Firm

The social media giant Facebook has registered its new Fintech Firm, Libra Network LLC in Switzerland which was registered last May 2.

According to its filing the firm will be involved in the fields of finance and technology as well as the development and production of software and related infrastructure in investment activities, operation of payments, financing, identity management, data analysis, big data and blockchain.

The social media giant also registered the Libra trademark with the United States Patent and Trademark Office which has been reported to be part of the company’s secret crypto project.

This initiative led Facebook to hire two cryptocurrency compliance experts who formerly worked at the major crypto exchange Coinbase.

Source who are familiar with the initiative reveals that Facebook could release a native Stablecoin later this year around the third quarter of 2019.