Facebook establishes payment company in Switzerland
Facebook is also becoming active in Switzerland with regard to its future payment system, codenamed Libra. A few weeks ago, the social media company founded a company called Libra Networks in Geneva.
This is shown by documents from the commercial register office, which the Handelszeitung are available. The company intends to provide financial and technology services and develop related software and hardware.
Facebook is currently developing a new payment system centered around its own coin, its own currency, which is linked to the dollar. It remains to be seen what role the Geneva-based company will play in this. Facebook is not commenting on this. However, the articles of association of Libra Networks suggest that the Swiss company will have a hinge function. Libra Networks can grant loans to its future subsidiaries, its shareholders and other companies, enter into cash pooling agreements and provide guarantees of all kinds for them.
