Facebook Ventures into Switzerland to Create a FinTech Firm Centered on Payments



Libra Networks Switzerland

Facebook has created a new FinTech firm in Switzerland. The company would focus on the blockchain, payments, and data analytics. Named “Libra Networks,” the firm was registered in Geneva on May 2. The firm would provide FinTech services and create related hardware and software.

This news comes as Facebook continues making slow but sure moves towards crypto adoption. Reportedly, Facebook’s blockchain team has 50 members. The report also notes that 20% of the workforce has worked at Paypal in the past. The reunion is led by David Marcus, Paypal’s former president. The company’s most recent step towards crypto adoption was hiring two former compliance managers from Coinbase.

Facebook’s crypto project attracts the attention of Congress

News of the Libra project attracted Congress’ attention. US legislators wrote Facebook an open letter with the aim of finding out the function of Facebook’s crypto coin.

The letter read,

The Wall Street Journal recently reported that Facebook is recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system using its social network. Last year, Facebook asked U.S. banks to share detailed financial information about consumers. In addition, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act.

 Facebook kept a tight lip when asked about the new firm.

Facebook Suffers Hack Causing Skepticism About Whatsapp’s Security

Whatsapp, a Facebook-owned messaging app has a security vulnerability. According to a recent publication, attackers installed spyware on iOS and Android devices using Whatsapp with a single phone call. Whatsapp and Facebook announced that they had discovered this vulnerability in the past week. They also asked users to update the app.

Another report noted,

The malicious code can be transmitted even if users do not answer their phones, and the calls often disappear from call logs.

Per the report, the hacked phone begins unveiling encrypted content. The attackers also gain access to details such as private messages and the location of the device. On top of this, they can turn on the camera and microphone to stream events.

According to Wandera, a smartphone security firm, Facebook and Whatsapp did not talk much about the hack. The firm notes that failing to give a reason as to why the users need to update their software has seen a lot of people fail to update their apps. Per Wandera, 80.2% iOS devices and 55.4% android devices had not updated their Whatsapp apps as of Thursday last week.

Pavel Durov, the founder of Telegram noted,

Every time Whatsapp has to fix a critical vulnerability in their app, a new one seems to appear in its place. All of their security issues are conveniently suitable for surveillance, and look and work a lot like backdoors.

 Do you think Whatsapp is a secure platform for sending or receiving crypto? Let us know in the comments below.