Ripple CEO Says JPM Coin Lacks Interoperability: ‘Just Use the Dollar, I Don’t Get It!’
Taking swipes at each other already aren't we?
Earlier yesterday, Ripple (XRP) CEO Brad Garlinghouse says the recently-announced digital asset from United States banking giant JPMorgan Chase lacks the interoperability that would make it a significant innovation. Garlinghouse made his remarks during an interview at the 4th Annual DC Blockchain Summit in Washington D.C. on March 6.
Alluding to multiple industry commentators’ suggestions that the bank’s coin could be a direct competitor to Ripple’s XRP, Garlinghouse dismissed the coin’s usefulness due to the fact that it remains a proprietary in-house asset, and that its exclusivity is likely to lead each major bank to issuing its own coin. This, according to him, will lead to the exact same fragmentation that characterizes the financial services industry today:
“This guy from Morgan Stanley was interviewing me last week, and I asked him, so is Morgan Stanley going to use the JPM Coin? Probably not. Will Citi use it? [...] Will PNC? And the answer is no. So we’re going to have all these different coins, and we’re back to where we are: there’s a lack of interoperability.”
“Let’s think about this. [JPM] announced the JPM Coin for institutional customers. If you give them a dollar as deposit, they’ll give you a JPM Coin, that you then can move in the JPM ledger. Wait a minute, just use the dollar! I really don’t understand [...] what problem that solves.”
More on the news: https://cointelegraph.com/news/ripple-ceo-says-jpm-coin-lacks-interoperability-just-use-the-dollar-i-dont-get-it
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I'm still trying to figure out what this coin even is! It's not decentralized, it's controlled by JPmorgan, it makes no sense to me... It has no utility to it, I'll look into it in the future when I have more time...