Facebook’s cryptocurrency, the mysterious stablecoin’s Libra network was launched in Switzerland. The coming altcoin news will show you some more information about the project.
The project was extremely secretive but it has just risen from the shadows. The Social media giant turned to the perfect crypto-hub country-Switzerland earlier this month in order to register the Libra Network subsidiary firm. The firm will follow Facebook’s blockchain payments data and will provide investing services.
The new fintech firm will not be the only one it its focus. The operations of the firm will have a say in ‘’investing, financing, identity management, analytics, big data, blockchain, and other technologies.’’ The filings show that the Libra Network is very committed to ‘’identity management’’ and even Mark Zuckerberg stated at the time:
“You basically take your information, you store it on some decentralized system, and you have the choice of whether to log in in different places, and you’re not going through an intermediary.”
Facebook’s cryptocurrency plans are now accelerating especially with the registration of the Libra Networks in Switzerland. According to the New York Times reports, back in March Facebook’s stablecoin was being described as a ‘’basketcoin’’ which means it is a token pegged to multiple assets and especially fiat currencies. Also, the stablecoin’s development and its progress will reach out to multiple crypto exchanges with regard to listing the coin and the coin will be publicly released by the end of the second quarter of 2019.
As reported in the latest cryptocurrency news, Facebook was looking to raise $1 billion from VC firms for their stablecoin. At the time, a reporter from the NY Times pointed out:
“Given that one of the big allures of blockchain projects is the decentralization, getting outside investors could help Facebook present the project as more decentralized and less controlled by Facebook.”
In other Facebook news, the company CEO Mark Zuckerberg received a letter earlier this month that requested him to provide an answer to multiple questions related to the company’s crypto venture. The senators who asked the questions were interested in how the social media giant was going to approach privacy for his stablecoin but there was no clear answer from the CEO.
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