On May 2, Facebook registered a new company, Libra Networks, in Geneva. This news comes as per a Reuters report. The slow roll-out of their internal cryptocurrency coincides with this registration. This will define the company’s first advance into blockchain technology. Strictly confidential firm registered by Facebook in Switzerland.

Facebook Global Holdings is a stockholder in the new company, according to Reuters, and it will, “provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.”

Even though Facebook’s progression towards crypto has been slow, it has proceeded steadily. The company hired two compliance managers on May 14, who originally came from Coinbase.

Congress has been concerned about The Libra project as well. The US lawmakers sent an open letter to the company to obtain clarification about the implications of the currency:

Strictly confidential firm registered by Facebook in Switzerland. The Wall Street Journal recently reported that Facebook is recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system using its social network. Last year, Facebook asked U.S. banks to share detailed financial information about consumers. In addition, privacy experts have raised questions about Facebook’s extensive data collection practices.

It is rumored that Facebook will raise $1 billion to build out the technology. Facebook refused to provide any comment on the new company.

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