Jack Dorsey
Jack Dorsey Says Twitter Won’t Be Joining Libra Association
October 26, 2019
Jack Dorsey
Jack Dorsey Says Twitter Won’t Be Joining Libra Association
October 26, 2019

Twitter will not be joining the Libra Association. Jack Dorsey, the CEO of Twitter, replied with a conclusive “Hell no” on the question of his firm’s potential membership of the Facebook-led crypto payments scheme at a New York City-based Twitter event.

As The Verge reported on October 24 (Thursday), Dorsey explained that Libra is not based on an open standard, “born on the internet.”

He added:

“It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.”

Jack Dorsey

Dorsey further argued that Libra did not have to be built around a cryptocurrency to fulfill its purpose.

At the same time, he was broadly enthusiastic about more decentralized cryptocurrencies, seeing them as part of an emergent international online community.

He told the crowd:

“I think the internet is somewhat of an emerging nation-state in almost every way. It almost has currency now in the form of cryptocurrency and bitcoin.”

Jack Dorsey

Earlier this year, Dorsey launched Square Crypto, for opening development on the bitcoin network.

ALSO READ :  New DeFi Platform “Rari Capital” Is Set To Ride Yield Farming Wave For Its Users

Likewise, in August, Square Crypto hired Matt Corallo, a Bitcoin Developer, followed by three other dev hires in September from Facebook, Lightning Labs, and Google

Mark Zuckerberg

So, according to tweets from Alex Weprin, the Hollywood Reporter Journalist, Dorsey also responded to Mark Zuckerberg’s testimony before the U.S. House Financial Service Committee on October 23 (Wednesday), at the New York event.

Dorsey said:

“A lot of it seemed to be based on American tradition. I fear that if we base too much in this one concept, we take away the ability to experiment and expand.”

Jack Dorsey

He added:

“We are not just serving an American audience, we are serving a global audience … The internet is somewhat of an emerging nation-state.”

Jack Dorsey

In his hearing, Zuckerberg notably said that Facebook would be compelled to leave the Libra Association if the project went LIVE before meeting regulatory requirements.

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So, according to a Libra representative, the Libra Association is still seeking some 80 additional members before the expected mid-to-late 2020 launch.

Source: theverge.com | coindesk.com


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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