Facebook Chooses Switzerland To Register Its Blockchain Subsidiary

In further emphasis of its intentions to enter the cryptocurrency space, Facebook has registered a new fintech firm in Switzerland called Libra Networks, according to a filing made under the Geneva Commercial Register.

Facebook had previously posted a job vacancy, one for “legal blockchain counsel” and the term Libra was registered under the US Patent and Trademark Office last year. The filing was submitted to the Geneva Commercial Register on May 2.

The description in the filing explicitly mentions blockchain technology,

…services in the fields of finance and technology, as well as the development and production of software and related infrastructure, in particular in connection with investment activities, the operation of payments, financing, identity management, data analysis, big data, blockchain and other technologies.

Facebook is expected to release its cryptocurrency by 2020, though some have stated it could release this year.

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