The social media giant, Facebook has set up Libra Networks in Crypto friendly Switzerland.

Libra Network has been reported to focus on blockchain, payments, data analytics and investment.

The new business entity is part of Facebook’s foray into crypto space which has been assembling a team of blockchain experts to develop a cryptocurrency that it will integrate in one or more of its platforms.

According to pundits the entry of facebook into the crypto space is stunningly important given the sheer number of users on its platform which may pave the way to mass adoption of cryptocurrencies.

The move to Switzerland was done with no fanfare such as company press releases or blog post seeming to suggest that Facebook is not yet ready to fully disclose the complete business nature of Libra as well as how it ties up with the reported Stablecoin it plans to release later this year.