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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 […]

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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 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."

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.

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

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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