Brad Garlinghouse, CEO of Ripple, questioned the purpose and overall value of the recently released cryptocurrency JPMCoin. He also outlined the positive aspects of key financial players operating in the industry.
Garlinghouse Questions Purpose of JPMCoin
Brad Garlinghouse, CEO of Ripple – the company behind Market-Cap-XRP's third largest cryptocurrency – commented on the recently announced JP Morgan Chase cryptocurrency.
He spoke at the DC Blockchain Summit on March 6. The executive said it was "great" for large financial institutions like JP Morgan Chase to enter the cryptocurrency industry. However, his praise was quickly ended. He explained:
That's the only nice thing I'm going to say.
True to his words, Garlinghouse referred to another conference in which he spoke of an interview with Morgan Stanley.
That guy from Morgan Stanley interviewed me, I said, "So, will Morgan Stanley use the JPM coin?" And he said, "Probably not." So Citi will use the JPM coin? Is BBVA? Is PNC? And the answer is no.
He criticized the interoperability of JPM's new cryptocurrency or the lack of it and asked if "we will all have these different coins, are we back to the place where we are lacking interoperability? I do not understand it."
The CEO also expressed concern that the bank's cryptocurrency had no merit and that no real issues were being resolved.
If you give them a dollar for deposits, you will receive a JPM coin, which you can move within the JPM account. Wait a minute, just use the dollar! […] I do not understand If you're in the JPM account right now, and it has to be one-to-one dollar-to-dollar support, I do not understand what sort of problem it will solve.
Other industry participants also skeptical
The CEO of Ripple is not the first to discard the purpose of JPM's cryptocurrency.
Bitcoinist Barracks chief Bill von Barack, the cryptocurrency-based payment platform Abra, recently said corporate blockades and tokens from major global corporations are "nonsense."
It's exactly what happens to this nonsense of the corporate block chain. where people have this fallacy that they are making Blockchain run in the firewall. Everything will fail miserably[.]
JP Morgan Chase announced in February that its stable coin will be called "JPM Coin", stating that "the applications are open endless".
What do you think of JPM Coin? Do you agree with Brad Garlinghouse? Do not hesitate to let us know in the comments below!
Images courtesy of the Bitcoinist Archive, Shutterstock.
Post-Ripple CEO Skeptical told JP Morgan's new cryptocurrency first appeared on Bitcoinist.com.
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Post source: Ripple CEO Skeptical of JP Morgan's new cryptocurrency
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