As reported by Yahoo News, Ripple CEO Brad Garlinghouse said that Facebook would face challenges to launch Libra because it has let the public down. He believes that the world of the digital asset is built on trust, people trust Bitcoin and XRP. In his opinion, Facebook has let people down when it comes to trust, and that can bee seen in the challenges that the company is facing from regulators.
In mid-June, Facebook announced to launch its cryptocurrency project in the coming year. This decision by Facebook faced backlash as the government all around the world criticized the social media platform. Garlinghouse said that the timing of the announcement also played a significant factor for the regulation backlash. CEO believes that Facebook underestimated the reaction of authorities.
Facebook has previously been criticized for mishandling the data of users. It also faced a fine of 5 billion dollars last month for the same reason. Garlinghouse also questioned the structure of Libra, whether it would be a true crypto project given the involvement of Facebook.
Ripple CEO acknowledged the amount of attention that Libra brought to the crypto community. He believes in some ways, the launch of Libra has been really constructive for the industry. CEO also did not confirm whether Facebook approached Ripple for the Libra Association, which include companies like Paypal. Visa, Mastercard, and eBay.
Ripple announced to bought $30 million worth of shares of MoneyGram. In return, the money transfer company will make Ripple, its primary partner for cross-border payment settlement using digital assets
