JPMorgan Coin launches JPM Coin, Ripple direct competitor

JP Morgan Chase plans to introduce a cryptographic currency “JPM Coin” similar to the stable currency for real-time transaction settlement between business customers for wholesale payments (inter-bank payments or inter-country payments). Tom Shaughnessy, head of cryptocurrency research firm Delphi Digital, said JPM Coin for cross-border payments directly threatened Ripple and its digital currency XRP. XRP is also used to promote faster, lower-cost international payments, and is the third-largest cryptocurrency market with a total market capitalization of approximately $12.6 billion.

Ripple coin (XRP) Cryptocurrency. Ripple is a blockchain technology that acts as both a crypto currency and a digital payment network for

Ripple has earned itself a place in the international remittance field, working to replace the Swift network used by banks, individuals and businesses to send and receive funds. As a challenger, JP Morgan Chase’s daily wholesale payment business exceeds $5 trillion, which means that even small experiments can have a huge impact on Ripple.

Shaughnessy said:

“This is a huge slap in the face for Ripple,’’ said Shaughnessy. “Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat.’’

Ripple CEO Brad Garlinghouse has played down the impact.

Garlinghouse said on Twitter:

Ripple said there are more than 200 banks and payment providers on its RippleNet network, including Japan’s Mitsubishi UFJ Financial Group and Standard Chartered Bank.

Travis Kling, founder of Encrypted Hedge Fund Ikigai Asset Management, said:

“JPM’s project is much more evolutionary than revolutionary — it is utilizing a private, permissioned blockchain technology called Quorum, which is much closer to a Google Sheet than a Bitcoin,” said Travis Kling, the Los Angeles-based founder of crypto hedge fund Ikigai Asset Management. “The project is clearly competing directly with Ripple Labs and their centralized cryptocurrency XRP.”

JPM Coin may be successful because, unlike XRP, its value is tied to the US dollar, making it a stable trading medium. XRP traded at more than $3 in early 2018 and is currently trading at around 30 cents. After all, the currency that the bank does not want to use when making payments is subject to large fluctuations.

“The JPM Coin is a stable coin whereas XRP is anything but stable,’’ said Shaughnessy. “That’s going to be a very contentious point for banks who don’t want the currency in which they make payments to be volatile.”

Submit a crypto press release

Even Roubini made an interesting post on Twitter about JPM coin:

This is the first time the crypto community agreed with Roubini calling JPM coin a centralized shitcoin that has nothing to do with bitcoin philosophy.

Do you think JPM Coin is competing with Ripple? Post your thoughts in the comments below

Оставить ответ

Ваш адрес email не будет опубликован. Обязательные поля помечены *

Этот сайт использует Akismet для борьбы со спамом. Узнайте, как обрабатываются ваши данные комментариев.