Opinion: JPMorgan digital currency will destroy Ripple

JPM Coin's Steablecoin JPM Coin is capable of destroying Ripple, a company that specializes in cross-border payments, BloombergTV editor Joe Weizental says.

If you don’t, then you shouldn’t have to do it.

– Joe Weisenthal (@TheStalwart) 14 February 2019 p.

“If the blockchain / coin framework turns out to be good for remittance banks, then JPM Coin will completely destroy Ripple”

The crypto trader WhalePanda agrees with Weisenthal. According to him, if you listen carefully, you can hear "as holders of Ripple coins shout in agony."

Ripple holders now scream in agony.
Congrats @jpmorgan on creating a useless shitcoin. https://t.co/frM3POunQ1

– WhalePanda (@WhalePanda) February 14, 2019 p.

At the same time, WhalePanda called JPM Coin "useless Shitcoin".

The new initiative from JPMorgan has found a response among other well-known representatives of the crypto community. Thus, the “self-proclaimed Satoshi Nakamoto” Craig Wright wrote that he possesses a patent, allegedly capable of restricting the right to issue JPM Coin.

Hey
JP Morgan …

Patent 32.
DFAs

Oh, you did not check?

I have patents on what you want to do.

Have a nice life.

– Dr Craig S Wright (@ProfFaustus) 14 February 2019 p.

Brad Garlinghouse, the head of Ripple, also responded to JPMorgan’s plans. He believes that there is no point in cryptocurrencies issued by banks.

As predicted, banks are changing their tune on crypto. But this is a JPM project after a network of IPOs. 2 years later, the bank coins still aren't the answer https://t.co/39EAiSJwAz https://t.co/e7t7iz7h21

– Brad Garlinghouse (@bgarlinghouse) February 14, 2019 p.

He wrote that if banks want to make deals with each other, they will have to exchange their unique digital currencies for Fiat. This approach is complete nonsense, I am sure Garlinghouse.

Note that plans for the release of its own digital assets and have a smaller financial institutions. For example, representatives of the New York-based Signature Bank have said that they have been using Ethereum solutions from the Signet platform for several months, which allows them to instantly translate dollar-linked steybcocoins. The system is used by more than 100 people, on the accounts of each of which an average of $ 250 thousand.

Earlier, the head of JPMorgan Chase, Jamie Dimon, repeatedly criticized Bitcoin . However, it soon became known that the financial holding is creating its own cryptocurrency strategy .

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