Facebook amid rumors regarding the launch of crypto-related project has set up a new payments-focused fintech firm in Switzerland, Reuters reports. The firm will reportedly be focused on blockchain and payments as well as data analytics and investing.
Since Switzerland is considered as the paradise for blockchain-related companies it's no surprise that Facebook decided to open its firm exactly in this country even though Malta and South Korea are equally good for crypto & blockchain-focused startup just like Switzerland.
According to Reuters, Libra Networks (Facebook's secret crypto project), with Facebook Global Holdings as stakeholder, was registered in Geneva on May 2.
It's widely believed that Facebook with its unannounced project may eventually play a key role as one of the triggers for the next bull run in the crypto market. For instance, the social network previously hired two veteran compliance experts (Mikheil Moucharrafie and Jeff Cartwright) from Coinbase.
Moucharrafie was at Coinbase for almost four years, most recently as a Risk manager and before that as a Compliance manager while Cartwright was the Director of Regulatory risk and exams at Coinbase
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