GERARD JULIEN/AFP/Getty Images Facebook CEO Mark Zuckerberg
- Facebook's unveiling of its proposed Libra cryptocurrency this summer was "ridiculously stupid," according to the boss of a company building its own blockchain ecosystem.
- "The way they rolled it out … it was just so in your face," R3 CEO David Rutter said at a recent company conference, $4.
- Rutter called the social network "really naive" based on some of its ideas, such as underpinning Libra with a weighted basket of currencies.
- $4.
Facebook's unveiling of its proposed Libra cryptocurrency this summer was "ridiculously stupid," according to the boss of a company building its own blockchain ecosystem.
"The way they rolled it out … it was just so in your face," R3 CEO David Rutter said at a recent company conference, $4. "There's a lack of understanding."
Facebook underestimated the complexity of building a cryptocurrency ecosystem, Rutter said, according to Financial News. For example, the social-media giant suggested underpinning Libra with a weighted basket of currencies, but translating digital coins back into different currencies is "not simple," he said. "It's really naïve."
R3, which was founded as a consortium of top-tier banks, is working with more than 300 partners to build an open-source blockchain platform called Corda, as well as a $4.
Libra has drawn intense scrutiny from government regulators, prompting launch partners including Visa, Mastercard, and PayPal to $4. Lawmakers have $4 on whether they can be trusted to protect users' privacy, handle vast amounts of financial data, and other issues.