Based on a recent report, social media giant, Facebook has now registered a new company called Libra Networks. The registration of this new startup in Geneva on the 2nd of May is in line with the firm sluggish deployment of its virtual currency which will help launch the company into the blockchain ecosystem.

Facebook is a Major Stake Holder in Libra Networks

The list of stockholders in the newly registered firm— Libra Networks, includes Facebook Global Holdings which is supposed to “provide financial and technology services and develop related hardware and software, plans submitted on the Swiss register reveal.”

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Facebook has been going at a slow and steady pace into the crypto ecosystem. The firm made a key addition to its crypto workforce recently. Facebook recently employed two Coinbase compliance managers on the 14th of May.

U.S Congress Want to Meet

The Libra project has been laced with several criticisms from both within the crypto industry and outside it. Recently, some lawmakers in the United States sent an open letter to the firm asking it to highlight the importance of the currency and it’s implications.

The letter read thus:

“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 banks in the United States to share detailed financial information about consumers. In addition, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act.”

There has been no response from the stable of Facebook regarding this.

Also, the social media giant has reportedly been trying to raise a sum of $1 billion which is to be used in funding its virtual currency project. This money is likely to get raised through a private ICO.


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