Libra Co-Founder Christian Catalini Defends Facebook’s Efforts To Create A Global Crypto Stablecoin
Facebook is increasingly being accused of abandoning its crypto project (Libra) in favor of the recently introduced Facebook Pay. It’s, however, receiving support from Libra’s co-founder and leading champion, Christian Catalini. Christian, who is a blockchain specialist and a professor at MIT went on record to note that the Libra project was first envisioned as a way of overcoming the current crypto status quo.
According to Catalini, at the time crypto was introducing some very interesting experiments. But none of the experiments being advanced by its projects held the key to solving the problems being experienced in the global society. As a result, Catalini opted to concentrate on developing the Facebook led crypto, with the hope of bringing about global change.
But as it turned out, Libra did not receive the kind of reception he had hoped for. Since the moment it was announced, the giant social media network has gone on to receive backlash from all corners of the world including from EU ministers and US Congressional leaders. Much of this backlash came about after it experienced a privacy scandal.
Since the scandal, a majority of its initial supporters including industry backers have abandoned the project. MasterCard and Visa were of the first companies to jump ship followed by eBay, Stripe, and PayPal. While Catalini does not refute the abandonment, he has chosen to remain positive in its future.
Enter Facebook Pay
While its co-founder remains optimistic about its future, Facebook has opted to brush it aside and instead focus its sight on a new venture. At the start of the week, the company announced that it would soon be launching an internetwork payment processor for use on the social network.
Once operational, it would then be rolled out to its other products such as WhatsApp and Instagram. It’s expected that Facebook Pay will work in the same manner as Venmo, which will involve introducing a payment channel based on the US dollar.