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Facebook registers Libra Networks in Geneva in latest blockchain move

Facebook may be heading to Switzerland to develop its stablecoin, opening up a financial technology company focused on blockchain, according to a public register. Geneva’s commercial register shows Libra Networks was registered on May 2 with Facebook Global Holdings as a stakeholder. Reuters first reported the development.

The LLC is seeking to develop software and infrastructure connected with investment activities and data analysis among other services relating to finance and technology, according to the register.

Facebook has not yet addressed the creation of Libra Networks.

David Marcus, former president of PayPal, is thought to be involved with Libra Networks as he became heavily involved in Facebook’s blockchain efforts last year, moving from VP of Messaging Products to a division exploring blockchain. He also served as a member of Coinbase’s board of directors until August 2018

Facebook hired two Coinbase employees this month as speculation around the company’s development of a stablecoin rose. The U.S. Committee on Banking, Housing and Urban Affairs also addressed an open letter to Facebook CEO Mark Zuckerberg, asking questions on how the company would handle regulatory and privacy concerns if it develops a digital payment system for its platform.

The public register also makes mention of trying to develop software and infrastructure related to payment operation.