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Facebook establishes its blockchain payment company in Geneva

Monday 20 May 2019

Facebook has chosen Geneva to create Libra Networks, which will enable the social network to develop payment and financing services using blockchain technology and big data.

Facebook has chosen Geneva to establish a company called Libra Networks. The purpose of this structure is to provide services and to develop solutions using blockchain technology and big data in relation with investment activities, payments, transactions, financing and identity management. Geneva could hence play a central role in Facebook's future internal payment system.

According to the Wall Street Journal, Facebook is reportedly working on its own payment system. Under the name Libra Project, the social network would therefore be developing its own cryptocurrency for this purpose. Usable anywhere on the web, this solution could be used for payments between users, for online purchases and to remunerate Internet users for their interactions with content or advertisements. One billion "tokens" could initially be made available on the market.

Geneva, a European and global banking hub

Based in a coworking area in downtown Geneva, Libra Networks is presided over by Majella Goss, who is already president of Facebook Switzerland. The latter, founded in July 2013 and specialized in the sale of advertising space, is based in the Geneva offices of the BDO fiduciary, one of the most important players in its sector after the "big four" (KPMG, Deloitte, PwC, Ernst & Young). Two BDO executives in Western Switzerland are also managers of Libra Networks. The Libra Networks project is led by David Marcus, director of Facebook Messenger and former president of PayPal.

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