Brad Garlinghouse, CEO of Ripple, recently discussed with CNBC’s Squawk Alley and shared his views on Facebook’s upcoming cryptocurrency Libra.
Brad Garlinghouse on Libra
In an interview yesterday, on July 18, 2019, Mr.Garlinghouse was asked about his thought on what should Facebook, and all the Libra consortium have to do to make Libra good for the world. While Facebook’s approach into the crypto world is much similar to that of Ripple’s strategy using XRP, Brad Garlinghouse responded;
On the macro level, it’s been good for the world because it has got pretty large attention ona set of technologies. He thinks, there may be some Silicon Valley arrogance in the approach to this.”
While discussing Silicon Valley’s arrogance, Mr.Garlinghouse notes that it is because there are zero banks under 28 members of Libra association (mentioned in Libra’s whitepaper). On a continuous note, he states that Facebook should effectively comply with regulators to make this product a success one. He further adds though Facebook’s approach is towards the financial system, it is not competing with the banks.
“There is a huge opportunity to change the way financial systems work that is very beneficial to consumers and businesses. Garlinghouse explained in an interview.
Moreover, while answering to a question “Is this US-china type situation.?” He said, technologies like Bitcoin/Ether are controlled by Chinese miners and explains that Ripple enabled its process on top of an ecosystem called an XRP ledger.
XRP Ledger is a decentralized, open and much more with democracy in terms of how it works as compared with these technologies, Brad Garlinghouse said. I do think, there are lots of strategic foresight coming out from China and that there are aware… these are new technologies upon which a lot of transaction will be enabled and I think they may invest in that.
Indeed, this is not the first time Garlinghouse spoke about regulatory aspects of Libra, a few days ago; he posted his views on US President Donald Trump’s remark on Libra. In a series of Twitter thread, Garlinghouse highlighted how Ripple using XRP is already working with the regulators around the world. By agreeing on the statements of Donald Trump and US Treasury Secretary Steven Mnuchin, Garlinghouse stated;
XRP is uniquely equipped to solve a multi trillion dollar problem by offering a dramatically faster and cheaper bridge for cross border payments. @Ripple already works with regulators, banks and financial institutions (like @MoneyGram) to implement this around the world. (5/7)
— Brad Garlinghouse (@bgarlinghouse) July 15, 2019
Also, Mr.Garlinghouse contributed his thoughts on recent Senate hearing concluded on July 17 between Senate Committee and Facebook Calibra’s lead, David Marcus. In his tweet, Ripple CEO quickly paraphrased Congressman’s Patrick McHenry’s optimistic thought on Facebook and stated that;
“Whether Facebook is involved or not, change is here. Digital currencies exist. Blockchain technology is real.”
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