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GmbH instead of non-profit? Uncertainty at Facebook's Libra Association

With its digital currency Libra, the Facebook group wants to change the payment area globally up and down. According to the reports elsewhere, the affiliated Libra Association still appears to be an unregistered mailbox company.

  Geneva is the headquarters of the Libra Association

(c) fotolia.com – Sergii Figurnyi: Geneva Libra's headquarters

It was a message that many see as an important turning point in the development of the global payment market. The Facebook group made this week their plans for their own digital currency and presented "Libra". Unlike well-known cryptographic curves like Bitcoin and Ethereum, the Facebook token becomes a Stablecoin, so it is covered by Fiat money and is therefore only subject to small value fluctuations. The coin is therefore not suitable as a speculative object, but ̵

1; so the intention – for everyday life.

+++ Focus channel: Blockchain & Crypto +++

Large partners

Behind it, next to Facebook, a number of big partners. For example, the US American credit card market leaders are Mastercard and Visa also on board, as well as PayPal, PayU and Stripe. As a "marketplace partner" for now including eBay, the booking holders (operators including booking.com), Uber and Spotify there. In addition, it interacts with companies from telecoms – blockchain, VC and the non-profit sector.

Two-part system: Calibra and Libra Association

Keywords without profit: Facebook builds for the planned next year Start according to own data on a two-part system. On the one hand, another start-up company is started with Calibra. This is to offer to the coin-oriented financial services – in the long term and loans.

On the other hand, according to Facebook, in the Swiss Geneva-based Libra Association, the company should, as an "independent non-profit organization", Libra reserves (Fiat Manage the money with which Stablecoin is covered) and be responsible for the technical implementation. Members of the wave association should Be the above company. Media reports on 28 founding members.

Libra Networks: Limited Liability Instead of Non-Profit

But journalist Ben Parker specializes in reporting non-profit organizations on Twitter The construction behind Libra in Geneva has not been designed as a non-profit organization. In contrast to reports to the contrary, at least no such organization has been registered in Geneva. Instead, May 2, 2019, Libra Networks S.à rl.

Facebook as 100% Owner

It is currently wholly owned by Delaware-listed Facebook Global Holdings II, LLC. The purpose of the business is as follows: "Delivery of finance and technology services and development and distribution. Production of appropriate software and infrastructure, especially in connection with investment activities, payment processing, financing, identity management, data analysis, large data, blockchain and other technologies." 19659008] Association as Mailbox Company

As Ben Parker continues to say not yet registered) "Libra Association" on June 18 in Switzerland for the protection of the name "Libra". Exciting is the stated address of the association: Quai de l & # 39; Ile 13, Gèneve 1204. A simple Google search result: There is the Geneva branch in the collaborative chain Spaces to find – and you can on the page matchoffice .ch can rent a "virtual office address" from 92 Swiss francs per month. Unlike the commercially-oriented Libra Networks and Calibra Inc., which were registered in Delaware on January 24, the Libra Association is apparently still a mailbox company.

enings To the official site of the association [19659018]
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