Facebook Opens Crypto Company in Switzerland

Facebook (NASDAQ:FB) continued to be in focus in the crypto community, with the latest reports suggesting that the social media giant has set up a crypto company in Switzerland.

Registered in Geneva on May 2, the company is dubbed Libra Networks and it correlates with Facebook’s Project Libra. Facebook has yet to disclose any information about this company officially.

The Libra project aims to launch a stablecoin-based payments network. The company reportedly plans to develop its own stablecoin pegged to the US dollar. It is said to be in talks with financial firms and e-commerce players such as Visa (NYSE:V) and MasterCard to support its payment service.

While tech giants are embracing cryptocurrency, the European Central Bank, again, criticised the digital tokens, staying in line with other central banks worldwide.

“Crypto-assets do not fulfil the functions of money and, at the current stage, neither do they entail a tangible impact on the real economy nor have significant implications for monetary policy,” it said in its recently released report.

“The very low number of merchants that allow the purchase of goods and services with Bitcoins indicates no influence of the most prominent crypto-asset on price-setting,” it added.

Article link: https://m.investing.com/news/cryptocurrency-news/bitcoin-above-8000-facebook-opens-crypto-company-in-switzerland-1872909

Written By: Investing.com