Survey points to mistrust towards Facebook’s Libra

  • Facebook’s Libra, according to a recent survey conducted by Blind, may not have the trust expected from the project.
  • The same survey indicates a high percentage of mistrust among workers of big technology companies towards Facebook and Uber.

At the moment, stablecoins and digital coins developed by big tech companies and countries are occupying the world’s attention. However, a new survey conducted on the social network Blind, indicates a great distrust on the part of employees of big technology companies towards these projects. The case of Facebook’s Libra and the results of the survey are interesting and revealing.

Facebook employees are among those who have the least confident in their company

The survey was conducted among more than 5,000 employees of some of the world’s largest technology companies. Among them were Google, Amazon, Uber, Apple and Facebook. The latter company, above all, generates a great interest in its results.

First, because of the scandals that have surfaced over the handling of user data by Facebook. Secondly, because of the problems it has had in launching its digital currency project: Libra. The survey was conducted in confidence, the central question being:

Who do you trust more with your financial data?

The two options were: Big Tech or traditional Banks. The results of the survey revealed that more than 60% of the professionals rely on the traditional financial system, banks, to manage their financials. The results of the survey go further and show that only 67% of respondents who work for technology companies in the area of finance trust their companies.

The survey also set out to investigate the future of the financial and technology sectors. According to the report, it seems inevitable that both sectors will merge. Taking this into account, they tried to predict which company would dominate users’ trust in this area.

At the extremes of the results is Apple which has 44.45% of the respondents’ trust and Facebook with only 2.17% surpassing only Uber which has 2% trust. In the middle of these results is Google with 34.03% and Amazon with 17.35%.

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High percentage of mistrust towards Facebook’s Libra

Perhaps the most significant result is that when measuring the trust of employees working in the companies surveyed, Facebook and Uber have the lowest results. Only 21.78% of Facebook employees, according to the survey, trust their company and would be willing to share their financial information with it.

In contrast, 91% of Apple employees trust their company and are the most willing to allow it access to their data.

This last item is the most revealing because Facebook’s Libra is one of the biggest stablecoin projects right now. According to the employees’ answers, they would be unwilling to collaborate with the project and won’t give their financial information to the company. At the very least, these results are not very encouraging for the company.

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Therefore it remains to be seen if Facebook will be able to succeed. For now, Libra is in its tesnet stage and has recorded about 51,000 transactions. The question of whether it will ever be a competitor of cryptocurrencies like Bitcoin remains open.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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