By CCN: Facebook has reportedly set up a fintech company dubbed Libra Networks in Switzerland. The move clearly correlates with the social media giant’s Project Libra.

According to Reuters, the focus of the fintech is on the blockchain, payments, data analytics, and investing.

Libra Networks, which was registered in Geneva on May 2, will provide financial and technology services. Also in its wheelhouse will be developing related hardware and software.

Another Secret Move

Famed investor Michael Novogratz recently called Project Libra “stunningly important” to the crypto space.

Given Facebook’s history of boasting about its projects, you’d think it would be bragging about Project Libra. That’s not the case. The Switzerland move was done with no fanfare such as company press releases or blog posts. This seems to be the way Facebook has chosen to roll out its Project Libra.

It’s keeping close to the chest even where the project will be launched. In December, it hinted at plans to set up shop in India. Early reports suggest Zuckerberg’s cryptocurrency will facilitate overseas remittance payments for Indian WhatsApp users.

Read the full story on CCN.com.