The head of the San Francisco-based blockchain startup Ripple, Brad Garlinghouse, is in the crypto news today for giving JP Morgan Chase a qualified praise for creating their own stablecoin – before bashing the product’s likelihood of being adopted by other banks.
Garlinghouse questioned the usefulness of the JPM altcoin during a fireside chat art the Chamber of Digital Commerce’s DC Blockchain Summit in Washington. As he said, it is “great” to have major financial players such as JP Morgan “leaning in” on the market.
However, he also noted:
“That’s the only nice thing I’m going to say about this.”
Garlinghouse, whose company has been courting financial institutions to use its distributed ledger (DLT) for payments – cast his doubts for the recently announced JPM Coin token.
As he recalled from another conference last week:
“This guy from Morgan Stanley was interviewing me, I said ‘So, is Morgan Stanley going to use the JPM Coin?’ And he said ‘probably not.’ So, well is Citi going to use the JPM Coin? Is BBVA? Is PNC? And the answer is no.”
Hence, he suggested that a bank creating its own stablecoin risks recreating the very problems that DLT is supposed to solve.
“So, does that mean we’re going to have all these different coins? Are we back to where we are with lack of interoperability? I don’t get it,” he questioned.
He wrapped his comments with a comment about a diplomatic note, concluding:
“Now, back to my first answer, if it solves the first [problem] of JPM leaning into crypto, yay. That’s all I got.”
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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