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Ripple CEO Brad Garlinghouse Criticizes JPMorgan’s Cryptocurrency

  • Alex Dovbnya
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    Ripple CEO explained why bankcoins would’t work two years before JPMorgain’s unexpended foray into the cryptocurrency sector

Ripple CEO Brad Garlinghouse Criticizes JPMorgan’s Cryptocurrency
Contents

America’s leading bank JPMorgan has stirred a substantial amount of buzz with its newly launched cryptocurrency JPCoin. As you probably guessed, Brad Garlinghouse, the CEO of crypto juggernaut Ripple, is not a fan.

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The inevitable comparisons

The coin has already been hailed as the next Bitcoin by multiple media outlets, but the Ripple comparisons were also imminent. According to Delphi Digital’s Tom Shaughnessy, JPMorgan’s latest foray into crypto poses a major threat to Ripple, the crypto startup that strives to replace SWIFT as a solution for cross-border payments. JPCoin will potentially bring more stability to the market since it’s a dollar-pegged coin.

Brad Garlinghouse is not impressed

However, Garlinghouse is still certain that bank coins are not the answer. He addressed the issue two years ago, claiming that multiple banks would start issuing their own stablecoins with their own set of rules.        

While JPMorgan moves more than $5 trln in wholesale payments, it’s still a closed system. RippleNet connects more than 200 banking insitutions. As reported by U.Today, Al Ahli Bank of Kuwait (ABK) was the latest bank to join the pack.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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