Binance

Facebook (FB) has quietly been making significant strides on its internal cryptocurrency initiative, with the latest move taking place earlier this month in Europe.

According to a recent report by Reuters, the new fintech firm, Libra Networks, was registered in Geneva on May 2 as a subsidiary of Facebook Global Holdings.

Reuters notes the filing shows that Facebook plans to provide financial and technology services and develop related hardware and software. Additionally, the filing indicates the social media giant may offer data analytics and investment services to users.

Previous reports have indicated Facebook is currently in discussions with major payment networks Visa (V) and Mastercard (MA), in addition to major ecommerce companies to support the launch of the platform. Additionally, a separate report revealed Facebook is courting major VC firms to raise $1 billion, which is believed to be destined to back the company’s stablecoin.

In the most recent revelation, Bloomberg described Facebook’s assemblage of talent as a “mini PayPal Mafia,” since a significant percentage of the company’s blockchain division used to work at PayPal (PYPL).

More: Facebook forms Swiss fintech firm with payments focus
Related: Bloomberg: Facebook (FB) Assembling ‘PayPal Mafia’ Style Blockchain Team

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Voyager