Facebook_Sets_Up_New_Firm_In_Switzerland_Continues_to_Advance_With_Cryptocurrency_Plans

Facebook Sets Up a New Firm In Switzerland, Continues to Advance With Cryptocurrency Plans

 
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Facebook has been on a roll with the cryptocurrency-related news lately as the social media giant continues to make significant progress with its plans to roll out its own cryptocurrency.

Reuters reports that Facebook has opened a new firm, registered in Switzerland, to “focus on blockchain and payments as well as data analytics and investing”. The new company called Libra Networks was opened by Facebook’s Global Holdings and registered in Geneva on May 2nd.

Read more: Facebook Advancing With Plans to Launch Its Own Cryptocurrency

This news comes only days after it was reported that Coinbase lost two senior officers this year, both of whom have joined Facebook. Jeff Cartwright and Mikheil Moucharrafie, previously dealing with compliance issues in Coinbase, joined Facebook this month. They spent five and three years at Coinbase, respectively.

Cartwright has become a policy and compliance manager while Moucharrafie is a compliance officer for blockchain at the social media giant.

Cryptocurrency policy updated

Moreover, Facebook has recently announced changes to its policies, which will become effective on June 5th. The Prohibited Financial Products and Services Policy is updated to ban ads promoting contracts for difference (CFDs), while the ban on ICOs and binary options will remain.

More importantly, Facebook also said that “ads related to blockchain technology, industry news, education or events related to cryptocurrency,” will no longer require a pre-approval, thus all parties interested in promoting such events or activities on Facebook now must only apply, while the second step “pre-approval” has been removed.

Facebook adds that for “ad that directs to a landing page that features a restricted product, such as a cryptocurrency exchange,” a prior approval is still needed. The vetting process, adds Facebook in a statement, “will continue to take into account licences they have obtained, whether they are traded on a public stock exchange (or are a subsidiary of a public company) and other relevant public background on their business”.

The crypto community sees this news as another step from social media giant towards a more friendly relationship with cryptocurrency and its supporting blockchain technology. Slowly but surely, the California-based firm is joining other major US companies in embracing blockchain and cryptocurrencies.