There has been a lot of talk about the top secret cryptocurrency that Facebook has been trying to develop over the past several months. There were several leaks about the project which revealed that it was given the code name Libra. It was also revealed that Facebook was having talks with many financial institutions in the hopes of getting backing for the cryptocurrency before it is launched. There hasn’t been anything new to report in the past several weeks. However, it was just discovered that the social media giant just registered a new cryptocurrency firm in the country of Switzerland.
The purpose of the cryptocurrency is to allow Facebook users to make payments with it in the future. There are rumors that Facebook is trying to raise somewhere around $1 billion for this project. The company refused to comment on the status of the project. It is not known if they have yet reached the amount of money they need to make Libra a reality. The new cryptocurrency firm is called Libra Networks and all of the registration info was filed in Geneva. No other info about the project has been discovered as of yet. It remains to be seen how long it will take for the project to become a reality. There has been no timetable released as of yet.
Rumors of the Facebook cryptocurrency project began swirling a few months ago. However, there was no hard evidence to go on. The people at Facebook who were in charge of the project did a very good job of keeping it a tightly guarded secret. Several newspapers from around the United States started to dig into the story. However, their efforts to uncover any useful info were unsuccessful. It was only recently when some details about the Libra project were confirmed by reliable sources inside of Facebook.
The involvement of Facebook in this new project is helping to legitimize cryptocurrency and bring it into the mainstream. This might be the case. There are some large companies which are nervous about getting involved with cryptocurrencies because of the ways that they can be abused by criminals. This might be why Facebook wants to develop their own cryptocurrency instead of using one that has already been created like Litecoin or Bitcoin. There are a few experts who believe that this Facebook project could be the thing that changes corporate perceptions of cryptocurrency.
