Bloomberg Editor: JPMorgan’s Cryptocurrency Will ‘Obliterate’ Ripple

JPMorgan, which is a $340 billion worth banking giant, was in the crypto news this week for launching a stablecoin called JPM Coin. According to experts, the opinions regarding this altcoin are now mixed. And while some think that JPMorgan’s JPM Coin will bring nothing new to the market, others see it with a huge potential of thrashing Ripple and its cryptocurrency XRP in the long run.

According to Joe Weisenthal who is the co-host of Bloomberg’s “What’d You Miss” recently said:

“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple.

Think about it, let’s say you were in the business of transferring money, why would you take on the exchange rate volatility risk associated with having Ripple as a bridge currency, when you could have a fiat-coin backed by JPMorgan. No brainer.”

JPM Coin, a so-called stable coin JPMorgan plans for its clients to use in cross-border payments, may be a direct threat to one of the most visible blockchain companies: Ripple https://t.co/P41kO6iTJu pic.twitter.com/it9ZJrgTbm

— Bloomberg Crypto (@crypto) February 14, 2019

The executives at major cryptocurrency investment firms such as Multicoin Capital raised a similar issue for XRP.

Meanwhile, Ripple’s blockchain network is a payment infrastructure for cross-border transactions which banks and financial institutions can use to send and receive payments with low costs and faster clearing times.
buy super kamagra online blackmenheal.org/wp-content/themes/twentytwentytwo/inc/patterns/en/super-kamagra.html no prescription

The main concern of many execs and experts in the long-term growth trend of XRP is that if JPMorgan uses the JPM Coin to settle payments between its clients (as the bank already said), this will put XRP in a direct competition with JPM Coin.