Ripple CEO to Share Thoughts on JPM Coin

Brad Garlinghouse believes other banks won't be using JP Morgan Coin
07 March 2019   476

Brad Garlinghouse, a California startup Ripple CEO, believes that the launch of stablecoin from JPMorgan’s financial holding is generally a positive event for the bitcoin industry, since such a major player in the traditional market has recognized the advantages of calculations on the blockchain. Nevertheless, this praise is over, reports CoinDesk.

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.
 

Brad Garlinghouse

CEO, Ripple

Garlinghouse stressed that if all banks start creating their token, the industry as a whole will not budge, and the problem of blockchain interoperability will escalate. 

If you give them a dollar for deposits, they’ll give you a JPM Coin that you can then move within the JPM ledger. Wait a minute, just use the dollar!. I don’t understand. If you’re just moving within the JPM ledger, and it has to be dollar-to-dollar, one-to-one backing, I don’t understand what problem that solves.
 

Brad Garlinghouse

CEO, Ripple

The head of Ripple added that there is no point in the tokenization of fiat currencies if the funds remain in the accounts of one enterprise.

Now, back to my first answer, if it solves the first [problem] of JPM leaning into crypto, yay. That’s all I got. 
 

Brad Garlinghouse

CEO, Ripple

Earlier, some analysts have suggested that JPM Coin will become a direct competitor to the XRP token and even destroy it.

CFTC to Approve LedgerX's Deliverable BTC Futures

At the same time, another platforms such as Bakkt, ErisX and Seed CX still awaiting regulatory approval
26 June 2019   65

Cryptocurrency derivatives provider LedgerX LLC has received a license from the Authorized Derivatives Market (DCM) from the US Commodity Futures Trading Commission (CFTC), which will allow it to launch the country's first bitcoin futures.

Deliveries for deliverable futures are made in the underlying asset, not in fiat funds. Thus, LedgerX outstripped the Bakkt, ErisX and Seed CX platforms, which are still awaiting regulatory approval.

At the same time, LedgerX intends to launch the Omni platform for trading options, swaps, and bitcoin futures for retail investors, since at the moment it does not see enough interest from institutional market participants.

However, it should be added that some experts have already expressed fears that the nature of the license received will not allow LedgerX to provide margin tools to customers, and Bakkt should have such functionality.

Recall about the intentions to obtain the appropriate permission and overtake competitors LedgerX said in April.