RATE Group | R3 boss: Libra has accelerated banks’ cryptocurrency efforts
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R3 boss: Libra has accelerated banks’ cryptocurrency efforts

28 Oct R3 boss: Libra has accelerated banks’ cryptocurrency efforts

Posted at 02:10h in Cryptocurrency News by

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The chief executive of R3, a software company that sells blockchain technology to large businesses, has claimed that Facebook’s attempt to spearhead a new cryptocurrency has caused banks to speed up their efforts to follow suit.

David Rutter, founder and chief executive of R3, which was set up in September 2015 by a consortium of top-tier banks, said that the Libra project has “clearly accelerated some timeframes” for both financial institutions and regulators.

Libra is a so-called stablecoin, a digital currency whose valued is pegged to a basket of low-risk assets. The brainchild of social media company Facebook, it was unveiled in June 2019 to much fanfare, with 28 companies pledging to support the project.

That support has wavered in the months since, after successive waves of regulatory opposition. Only 21 of the original supporters signed Libra’s founding charter on October 14.

One week later, on October 23, Facebook’s chief executive Mark Zuckerberg was…

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