Ripple CEO, Brad Garlinghouse has again nailed Facebook’s Libra, shortly after it rubbished the digital asset in one of Fortune’s program on blockchain technology.
The CEO, who was invited to speak at the The Economic Club of New York, conversed with Fox Business anchor Liz Claman on Tuesday, saying Facebook has forgotten it eroded its trust with governments across the world and users of the social platform before coming out to spearhead a global digital currency that requires high trust.
Garlighouse is still not sure whether Facebook will finally release its digital currency, claiming there is nothing like Facebook currency since the social media giant only released a whitepaper.
“I often interrupt them [those who ask about Libra] saying you mean the Libra white paper?”
The CEO is disturbed with the way Facebook managed every PR about Libra, pointing to the way Libra was rolled out.
“I don’t understand why they handled it this way,” Garlinghouse clamored, with Fox’s Liz Claman adding that “PayPal doesn’t understand either.”
“Had PayPal announced Libra and then Facebook joined two weeks later would we be having this same conversation in the same way?,” Garlinghouse asked.
NewsLogical reported that PayPal and some other backers pulled out of the Libra Association, a purported independent governance model designed to spearhead the management of the digital currency.
Facebook Lacks Self-awareness about its Position with Governments
Garlinghouse perceived that Facebook decision lead the effort shows the social media giant lacks self-awareness about its position with governments across the world.
The cerebral CEO of Ripple hammered that “Libra’s likelihood of success would have been higher had someone else led that effort”.
In a video live-streamed on The Economic Club of New York’s Facebook account, Garlinghouse maintained that “Facebook has eroded its trust with its users and certainly it’s eroded its trust with governments.”
Facebook’s Libra and Boeing, Anything?
As earlier said, Brad opined that Facebook’s decision to launch cryptocurrency could be likened to the idea of Boeing coming out in the middle of the 737 max crisis that they are going to launch a new double-decker airplane.
The CEO of Ripple furthered that Facebook could have cleared the air regarding the trust issues it has with users and governments before jumping out to announce Facebook’s Libra white paper.
NewsLogical reported earlier that Banco Santander Executive Chairman Ana Botín, also spoke at The Economic Club of New York yesterday.
At the section she spoke lengthily about Ripple and One Pay FX, and how the application is disrupting the remittance industry.