Ripple CEO Brad Garlinghouse hits out at Libra’s ‘arrogance’

Brad Garlinghouse states 99% of cryptos will go to zero in Bloomberg interview

Executives at Ripple have lamented Facebook’s Libra project by pointing out a number of drawbacks to the proposed cryptocurrency.

According to Ripple’s senior vice president of customer success Marcus Treacher, Libra is being launched in an environment that he describes as a “walled garden”.

Treacher claimed that while Ripple “has no parameters”, Facebook’s currency will operate within a closed system that will prevent sufficient growth.

Ripple’s CEO Brad Garlinghouse also suggested that Libra has fallen short in a number of areas, specifically targeting the fact that Libra has no banks signed up to the white paper.

In an interview with CNBC, he said: “A surprise to me, for example, is that in the 28 groups that signed on to the Libra white paper, you have zero banks.”

The value of Ripple’s XRP token has plummeted this year, falling more than 50% from its $0.50 high to as low as $0.23.

Several investors of XRP went so far as to take the Ripple founders to court over the asset’s poor performance, although Garlinghouse has been quick to refute any criticism.

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Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.