Facebook has registered a new entity called ‘Libra Networks’ in Switzerland. It has been speculated that Project Libra is also the name of its internal cryptocurrency project which has been in the works for some months now.
According to a Reuters report, Facebook’s new firm will focus on payments. The plans submitted on the Swiss register reveal that Libra Networks will deal with “investing, payments, financing, identity management, analytics, big data, blockchain and other technologies.”
Earlier, the U.S Senate Banking Committee had also sent an open letter to Facebook CEO Mark Zuckerberg to see how the new cryptocurrency project would address concerns around consumer protection.
However, Facebook has been tight-lipped about the project. There have been reports that the company may launch its stablecoin as early as Q3 2019.