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.”
MoneyGram And Ripple Extend Their Partnership With $11.3 Million
"MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities."Nothing in the SEC filings state what Ripple's investment will be used for. Still, MoneyGram's agreement with Ripple has previously allowed it to use XRP and its blockchain product named ODL (On-Demand Liquidity) to facilitate cross-border payments.
"[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple's blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows."MoneyGram and Ripple already were in a financial tie. The two firms announced their partnership back in January 2018 when MoneyGram decided to integrate XRP into its payment system. In June 2019, we saw that the two firms entered into a partnership to collaborate on cross-border payments and foreign exchange settlements with digital assets. The blockchain news then showed that Ripple followed through with a $50 million investment, completed in November. Despite the close working relationship, not all money transfer methods are being handled by Ripple. Reports recently showed that MoneyGram unveiled FastSend, a service which allows for real-time money sending based on Visa. While Ripple is doing good by expanding its partnerships and actively improving its blockchain, the token is falling down just like many other altcoins. Right now, the Ripple news and XRP updates show that the coin is in a 8.33% decline, going to new levels at $0.2438 in the wake of a major selloff which occurred on the markets overnight. The total cryptocurrency market today is at $261 billion.
XRP Traders Turn Bullish, Price Could Reach $0.46: Analysis
“#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don't need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn't. Crypto doesn't need banks, because crypto will replace them.”Brad Garlinghouse was in an interview when he commented that there are too many crypto assets out there. There are about 3,000 different digital assets that are trading on a daily basis.
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