Ripple is going through some tough times and this is not a bad thing so to speak. While Facebook has recently announced the launch of its own digital currency “Libra” on June 18.
This announcement has posed hype in the crypto-market and the prices of many coins increased greatly.
So far, Libra currency is not being used. The introduction of Libra has caused a lot of agitation in the crypto-market.
Garlinghouse has said that this initiative of Facebook will broaden the horizon of its software. Moreover, as more number of people will make the transactions via using XRP token to transfer the money across the border.
He elaborated that the markets for Ripple and Facebook are different and therefore, they will not undermine each other’s progress.
Ripple is mostly associated with large markets as evident from its recent collaboration with MoneyGram. The target for Facebook is not limited to crypto-sector and it is expected that soon their currency will enter into the market and users can make transactions at various platforms like WhatsApp and Messenger.
Meanwhile, analysts are looking for ways that can enable Facebook and Ripple to co-exist in the market peacefully. Ripple has already established good relations with many renowned companies.
The announcement of Facebook to launch a digital currency has enhanced the interest of people in crypto-sector and therefore, the whole industry is getting benefits.
It seems like Ripple has no issue with Facebook and they can co-exist peacefully. The banks and Facebook can get benefit from each other in the future.