Earlier this week, a senior member of Ripple executive committee, Marcus Treacher said that Facebook’s Libra project is just like a ‘walled garden,’ meaning it’s just a closed system.
Facebook’s crypto project Libra has picked up a massive hype not only in the crypto world but also outside the crypto sphere. The social media giant is positioned as a top brand in the world, and due to its popularity, Libra has automatically gained limelight too.
However, in an interview to CNBC, Ripple’s senior vice president for customers success, Marcus Treacher told that Libra is nothing more than a walled garden. This reflects the critical opinion of the Ripple’s executive on Facebook’s upcoming crypto.
Even though Libra has already been so much hyped, it has also faced a lot of criticism from different financial regulations and governments. The reason is that governments are not sure about the potential consequences of Libra; its legality and utility are still a question mark.
According to Ripple’s executive, Libra has to rely on its astrological sign, and it may predict what’s coming in the future for the Facebook crypto project. The social media giant presented the idea of Libra token that will be directed by the Swiss-based organization known as Libra Association. The Swiss-based firm is already in collaboration with top payment firms, including Visa, PayPal, and also Uber.
Facebook’s Libra will be attached to the user deposits in fiat currencies, the same as the USD. These currencies will be held in a digital vault called the Libra Reserve.
The Ripple executive Treacher added that Libra is more like a closed system based on a traditional culture just like Apple and Facebook itself. The reason for this is the way it controls its network through software and applications. He also said that unlike Libra, Ripple is not a walled garden, and is a modern world technology that’s set to thrive the traditional payment system. Treacher added on Libra:
“Yes, it’s a network, but it has no parameter. It connects with all of the players that want to use the technology.”
Ripple has already made a massive impact among the crypto world and has spread its roots across top financial institutions and banks all over the globe. The Fintech firm provides the solution to the real-time problems of payment systems.
Interestingly, Treacher also had a favorable opinion about Facebook for entering into the blockchain world. A Silicon Valley giant integration to the crypto world is a positive sign, despite that it has alarmed different governments as can be a severe threat to their currencies.
Facebook is not yet sure about the launch date of its cryptocurrency, Libra. The CEO of the social giant, Mark Zuckerberg, has mentioned that the launch of the Libra project is not yet confirmed any time soon, claiming that it may not take place in 2020. In another news, a meeting was held between global regulators and Facebook on September 16, as the company’s COO, Sheryl Sandberg is set to testify before the U.S. Congress to discuss on Libra.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.