Ripple executive says Facebook’s Libra project is a ‘walled garden’

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Marcus Treacher, Ripple’s senior vice president of customer success, has said that Facebook’s Libra stablecoin project is a “walled garden,” meaning a closed system.

Ripple, on the other hand, has “no walled garden,” Treacher told CNBC in an interview published Friday, adding: “Yes it’s a network, but it has no parameter. It connects with all of the players that want to use the technology.”

The term, walled garden, is often associated with big tech companies such as Apple and Facebook, who control their applications and content, and thereby market share.

Treacher, however, believes that Facebook getting into the digital assets space is a “really good thing.” The social media giant announced the Libra project in mid-June and aims to facilitate low-cost money transfers around the world. The project is being carried out by the Libra Association, which currently comprises of 27 member firms, including Visa, Mastercard, PayPal, Uber and Spotify.

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May 5, 2022, 3:17PM UTC