Reading Time: < 1 minute

Facebook constituted a fintech in Switzerland, focusing on blockchain and payments, as well as data analysis and investments. Named Libra Networks, Facebook´s fintech was registered on May 2nd in Geneva Board of trade.

The company will provide financial services and technology and will also develop related hardware and software, according to Reuters news. Among the services to be provided, it is mentioned investments, payments, funding, identity management, analysis, big data, blockchain and other technologies. Thus, until now, Facebook has not yet officially commented about the  fintech.

Nevertheless, the company which owns WhatsApp, Messenger and Instagram, had made previous moves towards the cryptocoins business. Recently, there was talk that the company would be seeking US$ 1 billion for a cryptocoin project.

Other developments

In addition, Facebook is developing its own money transfer system via WhatsApp, as revealed last December.

The story recalls that the company that owns WhatsApp, Messenger and Instagram have been in the spotlight over the misuse of personal data.

The United States Senate Banking Committee has sent this month an open letter to the CEO Mark Zuckerberg, asking how a new cryptocurrency-based payment system relates to legal concerns, regulatory issues and consumer´s privacy protection, according to a report in the Wall Street Journal.