Social networking giant Facebook, on May 2, has registered a new firm, ‘Libra Networks’, which will provide financial and technology services and develop related hardware and software. The firm that specialize in developing blockchain technology was registered on May 2 in Geneva. The Mark Zuckerberg promoted company is looking at introducing a coin which users can spend on its website or any other. According to the WSJ report, Facebook is also looking at backing its crypto-coin with the dollar reserve. Update on Facebook's cryptocurrency: Sources tell me that Facebook is now looking to get VC firms to invest in the Facebook cryptocurrency project we reported on earlier this year.

Source: Wall Street Journal May 19, 2019 05:55 UTC