JPMorgan’s JPM Coin is a “Huge Slap in the Face for Ripple” Delphi Digital’s Principal

Tom Shaughnessy

JPMorgan’s JPM Coin is a “Huge Slap in the Face for Ripple” Delphi Digital’s Principal

One of the major bank JPMorgan Chase has now come up with its own so-called stablecoin JPM Coin that it plans to use for its clients in cross-border payments.

Well, this put JPM Coin as a direct threat to Ripple, according to Tom Shaughnessy, principal at Delphi Digital, a crypto research firm.

“This is a huge slap in the face for Ripple. Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat,” said Shaughnessy.

Ripple has claimed to have partnerships with over 200 banks including the likes of Standard Chartered and Mitsubishi UFJ Financial Group Inc. and is working on replacing Swift, a popular traditional network used by banks. But now the financial giant JPMorgan has entered the picture that moves over $5 trillion in wholesale payments each day.

Travis Kling, the Los Angeles-based founder of crypto hedge fund Ikigai Asset Management told to Bloomberg:

“JPM’s project is much more evolutionary than revolutionary — it is utilizing a private, permissioned blockchain technology called Quorum, which is much closer to a Google Sheet than a Bitcoin. The project is clearly competing directly with Ripple Labs and their centralized cryptocurrency XRP,” 

Meanwhile, Ripple CEO Brad Garlinghouse took to Twitter to share,

https://twitter.com/bgarlinghouse/status/1096118363506434048

Crypto industry experts say it is not a cryptocurrency

Anthony Pompliano said, “The most popular token for money laundering this year will be JPM Coin.”

 

However, the fact that JPM Coin is pegged to a dollar while XRP like other digital assets is susceptible to volatility, according to Shaughnessy works in JPM Coin’s favour.

“The JPM Coin is a stable coin whereas XRP is anything but stable. That’s going to be a very contentious point for banks who don’t want the currency in which they make payments to be volatile.”

Summary
JPMorgan's JPM Coin is a “Huge Slap in the Face for Ripple” Delphi Digital’s Principal
Article Name
JPMorgan's JPM Coin is a “Huge Slap in the Face for Ripple” Delphi Digital’s Principal
Description
One of the major bank JPMorgan Chase has now come up with its own so-called stablecoin JPM Coin that it plans to use for its clients in cross-border payments.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Anjali Tyagi

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

Post your comment...
Anjali Tyagi 440 Articles

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

Follow Anjali @