Ripple CEO Brad Garlinghouse, who was part of those who predicted that banks will adopt cryptocurrency, has stated that the about to be unveiled JPM Coin fall short of the characteristics of a viable and tenable cryptocurrency.
Commenting on JPM Coin, a digital asset designed by JPMorgan Chase & Co, the largest U.S. Bank by assets, Brad said the project missed the point, furthering that bank coins are not the answer.
“As predicted, banks are changing their tune on crypto,” Brad Garlinghouse said.
He added: “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.”
Many people are saying JPM Coin is a threat to Ripple and digital asset XRP, however, Ripple’s CEO does not believe the coin can perform excellently in the realm of money remittance.
It is surprising seeing JPMorgan go into cryptocurrency. The bank has been a longstanding critic of digital currencies. With JPMorgan’s involvement in crypto, there is no doubt that crypto adoption will come quickly.
Dr. Doom Nouriel Roubini Says JPM Coin Not Crypto or Blockchain Related
Economist and arch enemy of cryptocurrency and blockchain technology Nouriel Roubini who once said cryptocurrency is the mother and father of all scams, has again hauled inventive on digital currencies after JPMorgan announced it is launching JPM Coin.
“In which way has the new alleged JPMorgan crypto coin anything to do with blockchain/crypto?,” Nouriel asked.
Differentiating JPM Coin from other cryptocurrencies, Nouriel said JPM Coin “is private not public, permissioned not permissionless, based on trusted authorities verifying transaction not trustless, centralized not decentralized.” He concluded that calling JPM Coin a crypto “is a joke”.
Meanwhile, it is still baffling why Nouriel Roubini is asserting that JPM Coin has nothing to do with blockchain technology since JPMorgan clearly states that the digital coin is “designed to make instantaneous payments using blockchain technology”.