Search ForexCrunch
  • Facebook is a stakeholder of the company.  
  • Facebook will be apparently launching its ‘Facebook Coin’ in Asia.

Facebook has recently launched a new Fintech Startup called the Libra Networks in Switzerland to aid its developing cryptocurrency payments plan. The company, based in Geneva,  was set up to develop financial and technology services and provide related infrastructure and software. According to the firm, Facebook is a stakeholder of the company.  

“Project Libra” includes a stablecoin pegged to a basket of different foreign currencies, rather than just the US dollar. The service will enable WhatsApp users to send money to one another. US Senators has reportedly asked Facebook CEO Mark Zuckerberg to disclose more information on the project. Apparently, Facebook has been researching cryptocurrencies for over a year now.  

The New York Times revealed that the service will be functional over the WhatsApp network and over 50 engineers are employed for this project. The company is working to connect its encrypted mobile-messaging apps with Instagram to extend the reach of its cryptocurrency to over 2.7 billion global users. Facebook may be initially launching its “Facebook Coin” in India since it has 200 million WhatsApp users.