Social network giant Facebook enters into Cryptocurrency field by setting up a company called Libra Networks in Switzerland to develop own payment and Blockchain systems, reported Swiss news site.
According to the media reports, Social Networking giant Facebook is working on the plan to develop Cryptocurrency based system so that virtual money can be sent by the users around the world.
According to the reports company started working on this project by recently in Switzerland by setting up a company there. According to the Swiss news site Handelszeitung, Facebook started a new company in named Libra Networks in Geneva, Switzerland with the help of CEO CEO Mark Zuckerberg. Company aims to make own system of payment based on the Cryptocurrency so that it can be used by users around the world.
The new company is owned by Global Holdings II in Ireland and the main focus of this company would be to develop complete system for Cryptocurrency based transaction system. Company will develop related hardware and software to enable digital payments using Cryptocurrency technologies. Company will develop solutions which will include payments, financing, identity management, big data, analytics, and Blockchain into complete system.
The Cryptocurrency uses a technology called Blockchain to build secure block for recording transactions (financial or any other types of transactions). The blocks created are non-mutable and secure and any tempering with the data will invalid complete chain of blocks. The Blockchain technology is used in various fields for developing secure applications.