Facebook Coin reportedly under development in Switzerland

Angela Lang/Techhnews

Facebook has set up a company in Switzerland to focus on payments and blockchain, according to a report.

The Facebook coin would be tied to the US dollar, the report said, and remain stable unlike bitcoin, which started crashing back in 2017.

Libra Networks was set up in Geneva several weeks ago, Swiss publication Handelszeitung found, with Libra being the social network giant’s internal project name for the currency.

The Swiss company is owned by Facebook Global Holdings II in Ireland, the report said, and will focus on developing the software and hardware related to the currency, including across payments, blockchain, analytics, big data, and identity management.

Facebook declined to comment, but the report follows rumors in February that Facebook had a team of 50 working on its virtual currency to be used across the social network and on its WhatsApp messaging service.

At the time, Facebook would not comment on the currency plans reported by the New York Times, but did confirm its blockchain work.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” it said in a statement. “This new small team is exploring many different applications.”

Blockchain is an encryption technology that builds up a set of data blocks recording transactions and who made them. No one party controls the data, which is decentralized.

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