Brad Garlinghouse is in the daily cryptocurrency news because of a new rant aimed at the JP Morgan cryptocurrency. The head of Ripple bashed Jamie Dimon, who stands behind JP Morgan and the JPM Coin altcoin, in a keynote at the DC Blockchain Summit 2019.
Garlinghouse gave a fireside chat with Nasdaq’s Jill Malandrino – geared up around the JPMorgan cryptocurrency which was recently introduced. The head of Ripple, who is known for his temper, did not back down from the line of questioning. He even sounded like a team player for the industry at times, stating:
“I think it’s great for the blockchain and crypto industry to have players like JPM leaning in. Thumbs up. That’s great. That’s the only nice thing I’m going to say about this.”
According to Garlinghouse, it was only a matter of time for banks to enter the crypto market. Nonetheless, in order for crypto and the blockchain industry to achieve mainstream adoption, products such as decentralized apps and coins must solve some type of problem for users.
For instance, the JPM Coin resembles a stablecoin that has a 1:1 backing by the US dollar. Institutional customers, however, must give the bank a dollar for every JPM Coin that they transact in.
“Wait a minute, just use the dollar”, Garlinghouse quipped, adding: “I don’t understand what problem that solves.”
As predicted, banks are changing their tune on crypto. 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 https://t.co/39EAiSJwAz https://t.co/e7t7iz7h21— Brad Garlinghouse (@bgarlinghouse) February 14, 2019
Later in the speech, Garlinghouse explained how he previously questioned a Morgan Stanley representative about whether or not the firm would be using JPMorgan’s crypto token – to which his response was “probably not.”
After that, the CEO of Ripple went on to question whether Citi, Bank of America or PNC would have any interest in JPM Coin.
“The answer is no,” Garlinghouse concluded. “I don’t get it.”
Ripple Will Be The Amazon For Crypto: Brad Garlinghouse
‘’we’ve added more than 150 employees last year, at a time when I think others have been less focused on solving real world problems. There’s been a bunch of lay offs in crypto community over the past weeks.’’Ripple intends to work with regulators for more clarity and he wants to see the US becoming a leader in the crypto industry which will not happen without regulatory clarity. He also said that XRP’s value is north of $10 billion so this valuation for the IPO presents an opportunity for Ripple shareholders which will give the platform more flexibility to pursue deals such as their $50 million investment in MoneyGram:
‘’When I step back and think about it macro, I think it’s really healthy and constructive for the entire crypto blockchain community to see central banks and central governments lean into what can these new technologies do to make our economy more efficient, our payment infrastructure more efficient… so at large I think it’s really positive.’’
Ripple Has Room To Double As Technical Strength Grows
“Looking at XRP/USD on the Weekly timeframe, we can see that price broke out above trendline resistance from June 2019 a couple of weeks ago on strong volume, and has now found resistance at the prior swing-high at $0.36,” he said.In order for the cryptocurrency to rally past this resistance, it will probably require Bitcoin to see some further momentum. Patel said that he does believe XRP will ultimately see some significant upwards momentum and set a mid-term target with highs around $0.56.
“Volume continues to rise and I am firmly of the belief that dips are for buying, with the ultimate target being the high at $0.56 from June 2019,” he noted.Patel also explained that the cryptocurrency is right now "consolidating above its 200-day moving average" and a strong defence of its key defence at $0.27 could spark a new short-term movement to over $0.36 soon.
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Binance US News: XRP Is The ‘Future Of Banking Remittance Services’
- Their statement which shows that "Ripple has one of the largest and tight-knit communities."
- The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
- Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
- BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
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