JPM coin is the coin announced by JP Morgan Chase , its very own cryptocurrency that is based on the same structure as a stablecoin. The bank confirmed in its official announcement that,
“JPM Coin is a digital coin designed to make instantaneous payments using blockchain technology. Exchanging value, such as money, between different parties over a blockchain requires a digital currency, so we created the JPM Coin.”
Cryptocommunity mocks Ripple:
Crypto OG, Whale Panda stated, “If you listen very carefully you will hear all Ripple holders now scream in agony. Congrats jpmorgan on creating a useless shitcoin.”
“The JPM Coin isn’t money per se,” said Umar Farooq, head of Digital Treasury Services and Blockchain. “It is a digital coin representing United States Dollars held in designated accounts at JPMorgan Chase N.A. In short, a JPM Coin always has a value equivalent to one U.S. dollar.”
CNBC crypto trader host, Ran Neu Ner Tweeted, “I wonder why they don’t just use XRP!”
“Because the use case is different. Internal settlement isnt cross border / multi-entity settlement. Being pegged to the USD is another name for stablecoin. Bank issued DAs carry counter party risk. This has nothing to do with XRP but is bullish for XRP and the market as a whole,” replied ecent, an XRP enthusiast.
Furthermore, he stated
“When JP Morgan is happy to issue what it calls a crypto, its good for everyone. For a moment try to put the tribalism aside.”
APART FROM JPM NEWS ALSO READ: Look Who Is hired By Ripple
Crypto trader, Alex Kruger further stated,
“this JPM Coin is the first big public step taken by one of the major banks against Ripple’s ambitions.”
In response, an XRP enthusiast said
“No, it’s not. Again, it’s an IOU. It’s not that hard to understand.” He further added, “As a smaller bank you don’t want to deal in IOUs issued by JP Morgan.”
XRP supporters further shared Ripple CEO Brad Garlinghouse’s LinkedIn article titled,
“The Case Against BankCoin” from back in 2016 when UBS, Deutsche Bank, Santander, and BNY Mellon announced their “utility settlement coin” for blockchain settlement.
Garlinghouse presented two Scenarios:
Scenario one: all banks around the world put aside competitive and geopolitical differences, adopt the same digital asset, agree on its rules, and harmoniously govern its usage. Fat chance.
Scenario two (the more likely scenario): banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”
So now there is comparision between JPM coin and Ripple. What’s your point please comment below