Facebook cryptocurrency being developed in Switzerland, reports say
Facebook may be a little closer to creating its own virtual money for you to send around to your friends. The social network giant has reportedly set up a company in Switzerland to focus on payments and blockchain, the technology powering cryptocurrencies like bitcoin. A Facebook cryptocurrency would be tied to the US dollar, Swiss publication Handelszeitung said, and could therefore remain stable unlike bitcoin, which started crashing back in 2017. Facebook set up Libra Networks in Geneva several weeks ago, Handelszeitung said, noting that Libra is the social network's internal project name for the digital 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 for currency-related functions like payments, blockchain, analytics, big data, and identity management.