Project Libra: Everything We Know About Facebook's Cryptocurrency

Facebook has yet to announce plans publicly but media reports on its crypto ambitions have emerged over the past six months, painting a partial picture of how the social network wants to capitalize on blockchain technology.

In December 2018, Bloomberg reported that Facebook intended to build a stablecoin.

The same source told CoinDesk to look for Facebook to roll out the project with a broad group of noted cryptocurrency companies and leaders backing it, in order to allay doubts that it might be overly centralized.

Early in February, Cheddar broke the news that Facebook had acquired a British blockchain company called Chainspace.

Many Silicon Valley investors CoinDesk spoke to at the time had "Heard" that Facebook was raising money, but details were sparse - especially given the exhaustive scope of Facebook's non-disclosure practices.

In March, a Barclays analyst said Facebook's cryptocurrency could earn the company anywhere from $3 billion to $19 billion by 2021.

The rumors about Facebook seeking funding for the project first entered the public sphere in a tweet from Nathaniel Popper, a New York Times reporter.

Facebook had met with payments firms such as Western Union and Visa, the Journal reported.

Then Reuters found that the social media giant had registered a company in Switzerland, Libra Networks, with Facebook Global Holdings as its stakeholder.

Le Temps reported that the person helming Libra also runs Facebook in Switzerland, Majella Goss, which operates out of a Geneva coworking space.