Brad Garlinghouse, the San Francisco-based Ripple CEO, has one good thing to say about JPM Coin but questions its usefulness and dismisses the idea that it has the potential to be adopted by banks.
Garlinghouse recently gave a talk at the Chamber of Digital Commerce’s D.C. Blockchain Summit held in Washington. He said that having new players such as JP Morgan “leaning in” the blockchain and crypto industry is great. However, Garlinghouse noted that its the only positive thing he can say about the project. The Ripple CEO was part of the initial detractors of this JP Morgan Chase endeavor, claiming that it was arriving too late to have any impact.
JPM Coin – Too Centralized?
The new digital currency JP Morgan has been receiving dismissive feedback from the crypto community, as it appears to be entirely centralized to be called a cryptocurrency.
Garlinghouse recalled in a different conference held last week that none of America’s biggest banks Citigroup, BBVA, Morgan Stanley or PNC Financial Services would use the JP Morgan Coin. He pointed out that a bank making its bitcoin could bring the same problems company’s distributed ledger technology (DLT) is striving to solve. He also stressed the idea of going back to a state where we lack interoperability due to having these different coins.
The Ripple CEO also questioned aloud that the sense of tokenizing flat currency saying that when banks receive dollars and the transactions have to remain in dollars.
It can be remembered that Garlinghouse’s own Ripple, though leading the way in innovation in the digital currency, has received relatively the same criticisms due to its own XRP token.