Ripple’s Brad Garlinghouse Says Mark Zuckerberg And Facebook’s Libra Suffer From A Trust Deficit
Not too long ago, Ripple’s CEO Brad Garlinghouse talked about what he believes triggered such scrutiny on Facebook’s new project Libra.
He’s blaming the social media giant for all the backlash that this project is getting these days.
Libra’s supporters back off
It was already reported that Libra’s supporters dropped the support for this project.
PayPal seems to have grown concerned about the backlash against the digital asset Libra, but it’s also worth noting that the company did not cite any specific reason for the fact that it dropped support for this project.
More than that, eBay, Stripe, Visa, and Mastercard have all done the very same thing. They revealed that they are leaving Facebook’s Libra Association.
Regulators could harm the crypto space
Ripple’s CEO also said that he is worried that regulators will hurt the crypto space due to their challenges and distrust of Facebook and the Libra project.
He said that the recent testimony of Zuckerberg only exposed his trust deficit.
The US policymakers are talking about Zuckerberg’s latest appearance before the US House of Representatives Committee on Financial Services.
Now, it’s been also revealed that Garlinghouse is planning to set things straight and clarify that the concepts that are brought forth by Facebook’s project Libra are not new.
Always a good time chatting with @MariaBartiromo – while others in crypto are moving overseas, Ripple is committed to working proactively with US regulators on blockchain/crypto. We just opened an office in DC, and we're here for the long haul https://t.co/kJFoscVDZf
— Brad Garlinghouse (@bgarlinghouse) October 23, 2019
During a new interview on Fox News, he said that he agrees with some of Zuckerberg’s statements, but he disagrees that Libra is bringing something new in the crypto space.
“The difference is the technologies he’s talking about are already on the market today. Ripple’s a US company that’s been deploying these technologies for years. We have over 200 customers globally,” he stated.
Garlinghouse continued and said that “The good news is we agree with the vision. I think we disagree with how do we get there.”
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.