Facebook’s Crypto Payments Solution Libra Now Seeking $1 Billion in Investments

Following its registry in Switzerland, Facebook’s crypto payments solution, Libra Networks, is reportedly seeking $1 billion in investments. As previously reported, Libra was notably registered on May 2nd and aims to provide financial and technology services, as well as develop related hardware and software. The company is planning to submit on the Swiss register reveal. Libra Network’s description reads:

Purpose: provision of services in the fields of finance and technology, as well as the development and production of related software and infrastructure, particularly in connection with investment activities, the payment operation, the financing, identity management, data analysis, big data, blockchain and other technologies.”

According to Pymnts, Facebook is currently recruiting financial firms, as well as merchants, to help launch the payments platform. The social media giant is also in talks with e-commerce companies and apps about accepting the coin, as well as hoping for smaller financial investment from them.

Meanwhile, Facebook is also continuing its cryptocurrency plans and is reportedly in talks with U.S. regulator, Commodity Futures Trading Commission (CFTC) about its upcoming digital coin launch, which is dubbed GlobalCoin. Christopher Giancarlo, the Head of the CFTC, revealed that the regulator is in “very early stages of conversations” with Facebook about the project and no formal application has been filed at this time.

Facebook has also already reviewed the crypto concept with a group of influential individuals, which were not disclosed. Facebook is also in talks with the current Bank of England Governor Mark Carney, who is notably a well-known champion of fintech innovation. Facebook is also talking to a full stack of potential partners including Western Union, other banks, brokers and whoever may help streamline the process. One recent report revealed Zuckerberg had even had discussions with his former nemeses, the Winklevoss twins.

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