Coinbase CEO Expresses Support for Facebook’s Libra Project 

Asia Blockchain Review
October 6, 2019
Coinbase CEO Expresses Support for Facebook’s Libra Project 

Facebook’s stablecoin Libra project has been a source of much controversy in the global financial industry ever since its announcement earlier this year. The project has been heavily criticized by governments, crypto enthusiasts and stakeholders in all sectors. 

Circumventing Conventional Banking

Ripple Product Director Craig DeWitt tweeted his opinions about the project, stating in reply to a post by Coinbase CEO Brian Armstron that Facebook’s Libra is equivalent to “having a money market account at FB”, adding that Libra is “a cash account with a blockchain wrapper.” 

DeWitt purportedly believes that Facebook’s real intention on developing Libra as a cryptocurrency is to circumvent conventional banking regulations. Other critics tend to see Libra as Facebook’s approach to disrupt and dominate the global financial order. 

Recently, France and Germany announced their hostile stance against the social media stablecoin, calling it a threat to the EU economy that they will be rejecting altogether.

Libra Finds Support in Coinbase CEO 

Armstrong recently tweeted that the backlash against the stablecoin was unnecessary, as well as “odd and misguided.” The tweet was a shoutout to a recent blog post by David Marcus, head of Calibra, who acclaimed Libra as a game-changer for both the cryptocurrency market and the global financial system.

Armstrong stated that Libra was one of the most important cryptocurrency projects in development, while noting that only time would tell whether the project is capable of revolutionizing the financial industry.

Meanwhile, Facebook Chairman and CEO Mark Zuckerberg’s interview with Nikkei has cast doubt on Libra’s 2020 launch plans. When asked about an expected launch date, Zuckerberg would only say the team wanted to roll out the product as soon as possible.

Source: https://beincrypto.com/ 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Vanguard Group Tests Blockchain-Powered Forex Trading Platform
The Vanguard Group is testing a blockchain platform that will allow asset managers to trade currenci...

October 14, 2019

South Korean Blockchain Provider Blocko Officially Launches in UAE
Blocko, a Samsung-backed enterprise blockchain provider from South Korea, has officially launched it...

October 13, 2019

China Will Likely Approve Yuan-Backed Stablecoin And Blockchain
The yuan-backed CNHT has a good chance of being accepted by China, with the potential to attract inv...

October 13, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us