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The LIBRA token remains controversial as yet another connected entity distances itself from the initiative. This time, KIP Protocol, whose account was apparently used to declare LIBRA’s launch, has made it clear that it was not involved in launching or operating the token.
KIP Protocol’s Statement
KIP Protocol made a public statement clarifying its stance, saying that it was invited to join LIBRA but only for the purpose of assisting in funding small and medium-sized businesses (SMEs) in Argentina. This proposal never came into effect, and KIP Protocol claims that it did not gain from the release of LIBRA.
The company also highlighted that its participation was minimal and in the form of exploratory talks and not active engagement. KIP Protocol’s clarification comes after a series of issues surrounding the LIBRA token, specifically on transparency and project leadership.
Increasing Scrutiny Around LIBRA
LIBRA’s launch has been greeted with suspicion, and several companies once linked to the project have moved swiftly to disassociate themselves. The lack of clarity over its governance, function, and implementation has caused concern in the crypto space.
With KIP Protocol’s announcement, the integrity of the LIBRA project remains under question. Should more players do the same, LIBRA’s legitimacy and sustainability in the long term could come under even greater scrutiny.
What’s Next for LIBRA?
The future of LIBRA token hangs in the balance as more companies officially deny having any major role. Investors and analysts will closely observe how the project deals with these increasing worries and if there will be further distancing remarks.
For the moment, KIP Protocol’s statement adds yet another layer of suspicion to LIBRA’s already shady image.
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