Ripple Exec Slammed Libra Saying It Is A ‘’Walled Garden’’

Ripple exec Marcus Treacher stated that the company’s crypto network is much better than Libra saying that the project is a ‘’walled garden.’’ Let’s find out more in the ripple news today.

The senior executive spoke to CNBC and stated that Facebook’s Libra has a fatal flaw in its architecture which according to him makes the stablecoin a ‘’wallet garden’’ meaning that it has a closed system under the control of the Libra Association. For the Ripple exec, this fact makes the crypto project inferior to Ripple. He commented on the company’s superiority and stated:

‘’Yes, it’s a network, but it has no parameter. It connects with all of the players that want to use the technology.’’

Treacher is not the first one to use this analogy on Libra. Back in July, the British MP Damian Collins described the crypto project as ‘’setting up a financial system firmly under the control of the Facebook walled garden.’’ At that time, the MP Collins warned that this scenario with Libra poses massive risks of massive fraud. Collins did, however, show some history of being strongly opposed to the American tech companies including Facebook. The critics of Ripple believe that Treacher’s criticism is akin to the proverbial kettle naming it the pot black. The company has its own fair share of bashing the account of the perceived dumping of the XRP tokens and having some centralized control as well.

As it was previously reported in our altcoin news today, there are some reports of dissatisfaction within the XRP community and there are even some users that call for a fork. In the meantime, the company continued to carry out massive token transfers that could put a lot more downward pressure on the price of the altcoin. On the other hand, Facebook is still trying to smoothen things over with the regulators and the chief operating officer Sheryl Sandberg is now set to meet with the US Congress in October. The co-creator of Libra David Marcus also stated that the crypto project will go live in 2020. For him, the association is worried about how to secure a significant share of the global payments market without having unnecessary regulatory hurdles.