In the coin JPMorgan "missed the whole point" of cryptocurrency. The opinion of the head Ripple
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Recently, us banking giant JPMorgan Chase on the issue of own stablon. According to Cointelegraph, coin JPM will be based on the blockchain. Presumably the asset will be used to improve the efficiency of calculations and individual transactions. CEO brad Garlinghouse immediately reacted to this news in his Twitter. According to the expert, the coin in fact missed the whole point of cryptocurrency.
As expected, banks are reviewing their positions on the cryptocurrency. However, it completely missed the essence of the crypts. Starting today a closed network similar to the launch of AOL after the IPO Netspace. It's been 2 years, and banks still do not understand the essence.
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 still bank coins aren't the answer.
— Brad Garlinghouse (@bgarlinghouse)
The CEO of ripple reminded of my article of two years ago. Then he debunked the prospects of the banking native digital coins, and ironically called them "bankone". In his opinion, these attempts are pointless and will inevitably lead to even greater fragmentation of monetary landscape than the one we have today.
If banks of different groups of digital assets want to make deals with each other, they have to create markets for their unique digital assets or to trade in pairs with their assets and a common Fiat currency. What is this confusion?
Just as planned by JPMorgan, JMP coin will initially be focused on the optimization of international transactions between large corporations. It will supposedly speed up transactions, which now takes a day or more. About the same company makes a Ripple. Only recently Arlinghaus that his company is going mytestsite of the market payment system Swift.
Some media outlets, including Bloomberg, is immediately recognized in the coin JMP direct competitor Ripple — cross-border platform for payments and cash transfers between banks and enterprises. More data to search for .
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