Facebook has acquired a trademark of a tax company little known for its secret cryptography project

Apart from the anonymously published reports in the financial media, there is very little concrete information about Facebook's secret cryptocurrency project.

On Thursday night, The Wall Street Journal released a succinct report on the blockchain's social media company's efforts, particularly on the fact that it was working on building a full payment network and having discussions with Visa and Mastercard payment networks. At the center of his efforts is a stable coin, called Libra, according to the report.

A source close to the case confirmed to The Block that the code and product name of Facebook's cryptographic project was Libra, and that the company was recruiting financial companies to support its efforts.

It appears that there is tangible evidence that Facebook has acquired the brand name "Balance" for the project, according to a document from the US Patent and Trademark Office. The previous trademark holder is a cryptocurrency tax company that has recently changed its name and is now called Lukka.

Reported initially by Bloomberg in December, the team of Facebook channel chains had apparently developed a stablecoin for payments within WhatsApp. More recently, The New York Times released a report showing the surprising speed of Facebook's stablecoin development.

The history of Libra trademark documents by the USPTO can be viewed here.

Libra Services' original 'Balance' trademark application filed by TEAS Plus

Libra was an accounting and tax cryptography software company and recently changed its name to Lukka.

A new amendment concerning Libra was tabled on April 20 with Facebook's Willow Road address.