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Facebook sets up fintech firm in Switzerland with blockchain, payments focus

Facebook Inc. formed a financial technology company in Switzerland focused on blockchain and payments, according to a filing on the Geneva Commercial Register, as reported by Reuters.

Facebook Global Holdings is a stakeholder of Libra Networks, which was registered in Geneva on May 2. Libra Networks will provide financial and technology services and develop related hardware and software.

Facebook is developing a cryptocurrency-based payments system, which would rely on its social network, The Wall Street Journal recently reported. In response to this, the U.S. Committee on Banking, Housing and Urban Affairs sent an open letter to CEO Mark Zuckerberg seeking clarification on the company's purpose in its cryptocurrency venture.