“Please do not paint us with a broad brush” was the underlying notion that Ripple CEO Brad Garlinghouse highlighted in an open letter to Congress via Ripple’s Insights. With the amount of press coverage that Facebook’s Libra cryptocurrency has received recently, both positive and negative, Ripple has once again publicly stated their stance.
A company who are well established in the cryptocurrency space, and have always publicly stated their continuous relationship with the authorities have been quick to announce the differences between themselves and Facebook.
Whilst Libra is essentially looking to replace traditional forms of Fiat currency exchange, Ripple has always wanted their XRP token to complement the system:
“Companies like ours in the United States, and others abroad, employ these innovations in partnership with regulated financial institutions to enable the world to move money across borders like it already moves information—efficiently, reliably, inexpensively. In our view, digital currencies have the opportunity to complement existing currencies like the U.S. dollar—not replace them.”
While Libra’s announcement has unquestionably increased the spotlight onto the crypto world, especially to those who may not have had any previous exposure. Facebook’s recent legal stance and troubles have certainly given individuals reason to be apprehensive before using Libra when it is scheduled to release next year, but Ripple wants to make it clear to Congress that they are eager to continue working together to utilise blockchain technology.
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