According to a Reuters report, Facebook registered a new company, Libra Networks, in Geneva on May 2. This coincides with the slow deployment of their internal crypto competition that will define the company's first priority in blocking technology.
Facebook Global Holdings is a shareholder of the new company and, according to Reuters, will provide "economic and technological services and develop related hardware and software, plans delivered to the Swiss registry reveal."
Facebook March against Crypto has been slow and steady. The company's latest move, the appointment of two Coinbase compliance managers, took place on May 14th.
The Libra project has ravaged some feathers in Congress too. US lawmakers sent an open letter to the company seeking clarification of the currency's purpose and implications.
The Wall Street Journal recently reported that Facebook recruits dozens of financial firms and online stores to help launch a cryptocurrency based payment system using its social network. Last year, Facebook asked US banks to share detailed financial information about consumers. In addition, privacy experts have raised questions about Facebook's extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that or should be subject to Facebook for the Fair Credit Reporting Act.
Facebook refused to comment on the new company. Recent rumors pointed to a preliminary $ 1[ads1] billion increase to be used to build the technology.