Brad Garlinghouse, CEO of Ripple, the San-Francisco based payment firm, has thrown skeptical comments out over the Facebook-led cryptocurrency Libra (again). Ripple Boss doesn’t think Facebook could launch Libra for at least three years – if ever.
Brad on Libra
This isn’t the first time that Ripple’s lead executive is discussing Libra; however, his views look vary now. Earlier when Facebook announced the launch of Libra back in June, Brad was quite optimistic in the belief that the entry of Facebook in the crypto industry will bring significant crypto awareness across the world.
However, in the latest interview with Fortune, Brad states that he doesn’t believe Facebook could launch Libra anytime soon. He cites the ongoing regulatory hurdles that Facebook is currently striving to tackle.
“I would bet that Libra…let’s say, by the end of 2022, I think Libra will not have launched,”
Besides Brad, Facebook CEO Mark Zuckerberg was also hesitant to confirm the launch date of Libra. Mark said in his interview with Nikkie Asia; currently, the social media giant is focusing on chafing all those skeptical views that regulators have with the launch of Libra – one such regulatory concern is Libra could be a direct threat to national monetary sovereignty. Mark said to Nikkie Asia;
“Obviously we want to move forward at some point soon [and] not have this take many years to roll out. But right now I’m really focused on making sure that we do this well.”
Brad – I think it’s going to be a tough road for Facebook
As the industry continues to mature, I hope to have more conversations like this one with @jenwieczner and @rhhackett – let’s cut through the hype around whitepapers and price swings, and focus more on how to solve real problems at scale. https://t.co/hnR4mzPcN4
— Brad Garlinghouse (@bgarlinghouse) October 7, 2019
Initially, when Facebook announced Libra, the crypto community was weighing Libra against Ripple’s native token XRP. On the one hand, Facebook has attracted the ire of regulators and policymakers ever since it launched, Ripple is already tied up and has been working to tie-up with regulators to offer its cross-border payment solutions within the regulatory regime.
In his further talk with Fortune, Brad says that the launch of Libra for Facebook is “going to be a tough road.” As Facebook has a poor history with privacy and user data, he believes that the Libra would be well received if the parent company hadn’t been Facebook. He further elaborated his stance as;
“Facebook has been in the crosshairs of a bunch of governments around the world.”Brad explained; “I think it’s going to be a tough road.”
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