Ripple CEO Brad Garlinghouse: ‘’JPM Project Misses The Point’’

The CEO of Ripple (XRP) Brad Garlinghouse is again in our altcoin news but today for throwing some criticism to the newly developed JPMorgan Chase cryptocurrency-the JPM Coin after the banking giant announced the news yesterday.

JPMorgan Chase revealed that they will be issuing a blockchain-based JPM Coin that will be used to increase settlement efficiency. Garlinghouse took it to Twitter and wrote:

 “As predicted, banks are changing their tune on crypto. But this JPM project misses the point — introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer.
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He has also criticized bank-issued digital coins two years ago when he argued that projects such as this one is misguided and could culminate in a far worse fragmented currency landscape. He continued:

 “If banks of different digital asset groups want to settle trades with one another, they’ll have to make markets between their unique digital assets or trade between their digital assets and a common fiat currency. What a mess!”

As reported, the JPM Coin will be focused mainly on facilitating international settlements between huge corporations and will help increase transactions that will take shorter than a day compared to the existing SWIFT system.

Ripple has been trying to underscore the SWIFT system for a couple of years now. Some analysts, however, believe that the JPM Coin is much more ‘’evolutionary than revolutionary.’’

However, JPMorgan Chase’s coin is actually a stablecoin which is USD-pegged which some believe that this could enhance the interest for financial institutions that wouldn’t invest in Ripple because of the volatile nature.