Will Facebook's 'GlobalCoin' crypto "render Ripple useless"?

09 Jun, 2019
by David Robb
Will Facebook's 'GlobalCoin' crypto render Ripple useless?

Bitcoin Foundation founder Charlie Shrem recently shared some thoughts about the potential impact of Facebook's upcoming crypto. He claimed that part of Facebook's strategy for the coin "renders Ripple useless".

Shrem claims that the social media giant is offering companies the chance to pay $10 million to become 'validators' for its new crypto token. He believes that this system could be used for large-scale remittances, and as such would be in direct competition with Ripple. Presumably, many leading institutions would prefer such an established name as Facebook when dealing with this kind of transaction.

Many observers agreed with this take, which was retweeted by Max Keiser, not long after he expressed a similar opinino. Some saw fit to warn Shrem of the potential backlash from the 'XRP army', a group that often goes to extreme lengths to defend and promote XRP on crypto Twitter and beyond. Others claimed that the analyis was incorrect, and that Facebook would be targeting a different client base.

Details have recently emerged about Project Libra, which is what Facebook codenamed its new crypto, before announcing that it would be called GlobalCoin. The token, which is due to launch this month, will apparently be a stablecoin tied to a basked of fiat currencies. It will be made to integrate with Facebook's multiple social media platforms, including Messenger and WhatsApp. 

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Read more about: Charlie Shrem


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