- Facebook's Libra project, Ripple’s Marcus Treacher says is a “walled garden”
- He further said it is a “really good thing” that a Social Media giant is playing a role in the space
- Unlike FB, Ripple is a network, but with no perimeter
One major flaw with Facebook’s plan to create a digital currency, according to Marcus Treacher, Ripple’s senior vice president of customer success, says is that it is a “walled garden.”
The term that means a closed system has been applied to top companies like Facebook (FB) and Apple (APPL) in reference to the control they have over their apps and software.
Facebook’s cryptocurrency Libra will be managed by a Switzerland-based organization known as Libra Association with members including Uber, PayPal, and Visa.
Recently, it has been revealed that the fiat currency basket that Libra will be pegged to would be dominated by the dollar and wouldn’t include Chinese yuan.
Unlike Facebook’s Libra, Treacher said Ripple has “no walled garden.”
“Yes it’s a network, but it has no perimeter. It connects with all of the players that want to use the technology.”
But still, he said this is a “really good thing” that a Silicon Valley giant like Facebook is playing a role in the digital asset space.
As we have seen, since announcing the plan for its cryptocurrency, that might not launch in 2020, Facebook has come under intense scrutiny from regulators all over the world.
This worry from government, Teacher said is because Libra is a “threat to currencies.”