Ripple a startup company, a California based startup company that is centered on the banking sector. Brad Garlinghouse, the company’s CEO has always taken the opportunity to bash any new crypto token developed by the major banking company JPMorgan.
Brad spoke during the Chamber of Digital Commerce’s D.C. Blockchain summit in Washington on Wednesday –
“If you give [JPMorgan] a dollar for deposits, they’ll give you a JPM Coin that you can then move within the JPM ledger. Wait a minute, just use the dollar! I really don’t understand – if you’re just moving within the JPM ledger and it has to be dollar-to-dollar, one-to-one backing, I honestly don’t understand what problem that solves”
Earlier, Garlinghouse also did mention about the JPMorgan’s’ project that it misses its main goal or aim. He also said –
“Introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer.”
An article titled “The Case Against BankCoin” that was written in August 2016 by Garlinghouse. He made us notice that banks have 2 options:-
- Either set aside all their differences and agree to use the same digital asset.
- Banks not in the issuing group issue their own digital assets with their own sets of rules and governance.
Experts also think that JPM Coin is a huge slap in the face of Ripples. Delphi Digital’s Principal Tom Shaughnessy also said that “Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat”. Delphi Digital, a crypto research boutique in New York, previously told Bloomberg.
Jamie Dimon, CEO of JPMorgan, said recently that JPM Coin “could be internal, could be commercial, it could one day be a consumer.”
The three basic applications for the JPM Coin:-
- Facilitating international payments throughout the world for large corporate clients.
- Secure transactions.
- The most important feature of JPM Coins is the use of huge Corporations and firms. The point is to replace the dollars by the crypto-currency.