Is JPM Coin Bad for Ripple?steemCreated with Sketch.

in cryptocurrency •  2 months ago

J.P. Morgan has created a US Dollar backed crypto currency for use in their banking transactions:

https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html

While this is a positive sign for Blockchain and Cryptocurrency overall, is this move a threat to XRP? XRP has been seen as a solution to international banking concerns.

JPM Coin is backed by US Dollars, so there is no risk of price volatility

While JPM Coin is centralized, so to is XRP

J.P. Morgan has better brand recognition in the consumer and banking space

When you consider each of these, is this a risk to XRP value going forwards? As more banks choose to create their own coin or use one from another established bank, does that leave a market for XRP to grow in?

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Ripple’s CEO put out a response, detailed here:
https://cointelegraph.com/news/ripple-ceo-brad-garlinghouse-says-jpmorgan-coin-misses-the-point-of-crypto

Clearly he sees this as a threat to their space as well.