According to a recent report, the CEO of ShapeShift, Erik Voorhees has made it known that the platform will likely support social media giant Facebook’s crypto token Libra.
ShapeShift is Ready for Libra
While giving his opinion regarding Facebook’s virtual currency project at the Bitcoin2019 event, Voorhees stated that although Libra is not yet in existence, his platform has created room for it.
“It’s too early because it doesn’t exist yet but I would love to integrate Libra into ShapeShift when it does exist,”
However, he made it known that his interest in the token depends on the success of the project.
He continued that:
“The really interesting thing about Libra is what rules are based on it,”
Furthermore, the digital currency and blockchain entrepreneur further explained that he had some worries, noting that the things stated in Libra’s paper can be altered when the project is released.
He added that:
“So, fundamentally it’s based on a relatively decentralized worldview, but that could be very different when it actually launches versus what’s been reported,”
Also, Voorhees evaluated the power that Libra could give its users from a technical point of view.
“We will see how freely it can move. For example, does someone need permission to integrate it into something?” he asked
He further stated that Libra could help achieve higher bitcoin adoption as its worth could become higher than that of dollar thereby making it a better form of payment.
“I’m very excited that Libra isn’t just on a one-on-one parity with the dollar,” he said.
Voorhees then said that with Libra, Facebook users can become more open to cryptocurrencies
“One of the effects is that people, especially Americans, will start to get more comfortable with a coin that is a little bit more powerful versus the dollar,” he said.
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