Facebook is developing its cryptocurrency in Switzerland

Facebook развивает свою криптовалюту в Швейцарии

It seems that Facebook has become a little closer to creating your own virtual money. The giant of social networking has created in Switzerland the company that focused on payments and blockchain, as well as the supporting technologies of cryptocurrencies such as bitcoin.

According to Swiss newspaper Handelszeitung, kibatalia Facebook will be tied to the U.S. dollar and therefore is able to remain stable in contrast to bitcoin, which started to collapse in 2017. It is reported by the Informant Tech, citing CNET. Facebook has created a network of Libra in Geneva a few weeks ago. Libra – this is the internal name of a social network for digital currency.

The Swiss company belongs to the Facebook Global Holdings II in Ireland and will develop software and hardware for such currency functions as a payment, the blockchain, Analytics, big data and identity management. However, Facebook declined to comment on the exchange plans, but confirmed that it is working on blockchain systems.

“Like many other companies, Facebook is exploring ways of using the technology of the blockchain”, the statement reads. “This new small team researching a lot of different applications.” The blockchain is a technology for encryption, which generates a set of data blocks, recording the transaction and who made them. Neither party controls the data that is decentralized.

Earlier we reported that Facebook told us about the upcoming updates in the news feed. Judging by the comments of the company, the updates will be gradual and at first they won’t even be noticeable to users. Also Facebook has decided to restore the “public view page”.