Facebook sets up Libra Networks to create its own cryptocurrency

Facebook wants to be part of the exciting world of digital currency and before any other technology giant takes the leap, the social networking service has reportedly started working on its virtual money in Switzerland. According to a Swiss news site Handelszeitung, Facebook has set up a company called Libra Networks in Geneva that will help CEO Mark Zuckerberg build the cryptocurrency.

The company is owned by Facebook Global Holdings II in Ireland and will focus on developing the hardware and software for digital currency-related functions including payments, financing, identity management, big data, analytics, and blockchain.