“Facebook Sets up the company for its own Cryptocurrency in Geneva.” In recent months, several rumours have been about a crypto coin that Facebook would be working on.
Now Facebook has set up a company for this project in Geneva, according to the reports.
Earlier, there were rumours that it is a payment method that can be used in WhatsApp and possibly also Facebook.
This payment method is a digital currency, similar to bitcoin.
According to sources, Libra is used as the name for the project and a company is now established in Geneva under the name Libra Networks.
The company’s articles of association state that it works on financial and technological services.
It may indicate the cryptocurrency of the tech company.
The intention is that the crypto mount of Facebook is linked to the value of the dollar so that the value remains stable.
It is in contrast to many other crypto coins, which fluctuate significantly in value.
Facebook does not want to comment to reports on the founding of the company.