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