Ripple's Brad Garlinghouse has one good thing to say about JPM Coin

06 Mar, 2019 | Updated: 07 Mar, 2019
by David Robb
Opinion
Ripple's Brad Garlinghouse has one good thing to say about JPM Coin

Ripple CEO Brad Garlinghouse recently gave a talk at the Chamber of Digital Commerce’s D.C. Blockchain Summit in Washington, as reported by CoinDesk. Asked about the new JPM Coin, Garlinghouse restated his opposition to this new 'crypto', but managed to see one positive in its launch.

The crypto community in general has been very dismissive of the new digital currency project from JP Morgan, with many criticizing it for claiming to be a cryptocurrency when it appears to be entirely centralized. Garlinghouse was part of this initial wave of detractors, insisting that it "misses the point" of crypto and was arriving too late to have any impact.

Read more: 'The JP Morgan coin is not a real cryptocurrency', say crypto experts

In his most recent discussion of JPM Coin, he was willing to concede that "it’s great for the blockchain and crypto industry to have players like JPM leaning in", but also saw fit to qualify that "that's all I got" in terms of positive things to say about the project.

Elaborating on his issues with JPM Coin, he claimed that a bank creating its own token could bring about the same problems that crypto is intended to solve. He also pointed out how futile it seems: "If you give them a dollar for deposits, they’ll give you a JPM Coin that you can then move within the JPM ledger. Wait a minute, just use the dollar!...I don’t understand what problem that solves."

Although it is leading the way in terms of institutional adoption of blockchain technology, Ripple has also faced criticism from the crypto community relating to its own XRP token. Despite having a passionate group of followers, many others believe that XRP is, like JPM Coin, too centralized to be called a cryptocurrency.

Read more: XRP for the banks: will the large ones ever use the Ripple token?; What does JP Morgan's Jamie Dimon really think about Bitcoin?

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