December 10, 2023

Ripple vice president calls Libra closed system

Ripple Senior Vice President Markus Treachcher said that a significant disadvantage of Facebook's digital currencyis that she is a closed system.

In a CNBC interview, Tricher used the term “fenced garden,” which was previously used to control technology companies such as Facebook and Apple over their software.

As you know, a consortium will manage the project.Libra Association. Now it includes, in addition to Facebook and Calibra, 26 companies, including Visa, Mastercard, PayPal and Uber. Tricher said Ripple does not have a similar structure and is not a “fenced garden”.

“Yes, it is a network, but it has no parameters. It connects with all players who want to use this technology. ”- he emphasized.

Nevertheless, he welcomed the desire of such a large company as Facebook to enter the digital currency space.

Recall that the fintech startup Ripple itself was exposedcriticized for emission policies and centralized network management. In particular, investors accused the company of manipulating the price of XRP using a token distribution management mechanism.