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

A number of Ripple executives have criticised Facebook's upcoming Libra cryptocurrency while praising the decentralised aspect of the project

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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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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