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Ripple CEO Doubles Down on His Criticism of JPM Coin

  • Alex Morris
    📰 News

    📚👀However, Brad Garlinghouse does appreciate the fact that the likes of JPMorgan are dipping their toes into crypto


Ripple CEO Doubles Down on His Criticism of JPM Coin
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Brad Garlinghouse, the CEO of cross-border payment giant Ripple, has weighed in on JP Morgan’s USD-pegged stablecoin, again. While he had some words of praise for JPM Coin, he generally dismisses the idea it has the potential to be adopted by banks.

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The elephant in the room

During DC Blockchain Summit that took place on Dec. 6, the question about JPM Coin was unavoidable. When asked about JP Morgan’s foray into crypto, Garlinghouse claimed that the new coin is ‘great’ for the whole industry in a sense that the largest bank in America with a market capitalization of $384 bln is interested in cryptocurrencies.

Garlinghouse claims that he was asked the same question during the Morgan Stanley conference, and it seemed like none of America’s biggest banks (Morgan Stanley, Citigroup or PNC Financial Services) were intending to use JPM Coin.


Just use a dollar!

Ripple CEO further explains that there is no point to have a dollar-pegged stablecoin that will be moved within the JPM ledger. This solution doesn’t bring anything new to the table, and it would make more sense for customers to stick to USD instead.

As reported by U.Today, Garlinghouse earlier claimed that JPCoin wouldn’t work given that multiple banks would start issuing their own coins. JPMorgan is still a closed system while RippleNet already connects hundreds of banks.

Cover image via u.today
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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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