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JPM Coin Fails to Impress Ripple’s Brad Garlinghouse… Again

Ripple CEO Brad Garlinghouse has spoken out about JPM coin once again. This time, he gave the major US bank some praise for its new venture. Garlinghouse participated in a fireside chat yesterday at the 4th annual DC Blockchain Summit in Washington D.C. where he further discussed his views of the new bank coin.

Brad Garlinghouse and JPM Coin

In the chat yesterday, Ripple’s CEO said that JPMorgan Chase’s entrance into the cryptocurrency community is a good thing. However, that was the only positive thing he said about the new JPM coin. Garlinghouse is sticking firm to his original stance on these new bank stablecoins, claiming they will ultimately cause more chaos.

JPMorgan Chase announced the news of its new stablecoin back on February 14th and Garlinghouse was one of the first major executives in the cryptocurrency space to chime in.

In the tweet above, Garlinghouse linked a post he wrote back in August of 2016 regarding his view of the potential future of bank coins. It seems his prediction is coming true. The CEO’s argument is that if banks start making their own stablecoins, like JPM coin, it will make the financial system far more dysfunctional than the current one.

Garlinghouse believes that the current financial system lacks interoperability and each bank adding its own stablecoin will not solve this problem. In the fireside chat yesterday at the DC blockchain summit, Garlinghouse described a system shifting to exactly what he predicted in his article.

>> Crypto News: Huobi Adds XRP and IBM Releases X-Force Red

He explained:

“This guy from Morgan Stanley was interviewing me last week, and I asked him, so is Morgan Stanley going to use the JPM Coin? Probably not. Will Citi use it? […] Will PNC? And the answer is no. So we’re going to have all these different coins, and we’re back to where we are: there’s a lack of interoperability.”

It’s clear that Garlinghouse firmly believes in his company and what they offer financial institutions. To an extent, he has a very valid point, but it seems these major US banks want nothing to do with XRP.

Why do you think banks aren’t adopting Ripple and XRP? Is it that XRP isn’t a ‘stablecoin’ like JPM coin is? Do you think they want their own control and power over the system? Leave your comments below!

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JPM Coin

Could Consumers Use the JPM Coin One Day? Maybe

JPMorgan Chase held their annual investor day yesterday. The company’s CEO, Jamie Dimon, was involved in a question-and-answer session and answered a few questions about the bank’s latest venture, the JPM Coin. The world’s first bank coin was originally meant for cross-border remittances, but it seems the bank may have other ideas for it down the road.

JPM Coin for Consumer Use?

During his Q&A session, Dimon explained that he believes the coin could be used in various sectors of the financial industry. “JP Morgan Coin could be internal, could be commercial, it could one day be consumer,” said the CEO.

Two weeks ago, the US major bank announced the news of its JPM coin. It was a shock to much of Wall Street and the cryptocurrency community. Dimon has been a long-time critic of Bitcoin and has even gone as far as calling the digital currency a fraud.

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When the news was released, critics began immediately chiming in—including Ripple’s CEO Brad Garlinghouse. Garlinghouse feels that if every major bank were to adopt its own bank coin, it would make the world’s financial system far more flawed than the current one using SWIFT. The new JPM coin would be in direct competition with Ripple and its underlying cryptocurrency XRP. Ripple, via XRP, does exactly what JPMorgan is trying to accomplish.

Now, JPMorgan wants to expand the coin’s use far beyond what was originally released. From the original announcement, JPM coin was designed to settle transactions between clients of its wholesale international payments business. The blockchain, they believe, will speed up this process.

Currently, the digital currency is being tested in a trial run with a few corporate clients, as well as internally in the bank. At this time, consumer use of JPM coin seems in the idea stages, but if major banks start making their own stable coins, the idea could be pushed further.

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JPM Coin

JPM Coin Launches | JPMorgan Launches First US Bank Cryptocurrency

The first digital currency created by a major US bank is finally here! This morning, CNBC was first to report that JPMorgan Chase has officially launched its own cryptocurrency. The first JPM Coin trial is set to launch in just a few months.

JPM Coin Makes Trial Debut

JPMorgan Chase moves more than $6 trillion around the world a day and soon the company will test its new JPM coin. The bank’s new digital currency will be tested to settle payments between its clients.

JPMorgan’s trial will start small but it’s the bank’s way of preparing for a future that blockchain is the main technology in the banking system. JPM Coin will focus first on international settlements by major corporations, hoping to improve the current SWIFT system. Essentially, JPMorgan will try and accomplish what Ripple is doing with RippleNet and XRP.

“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” said Umar Farooq, head of JPMorgan’s blockchain projects. “The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”

JPMorgan’s CEO Jamie Dimon has been a long-time cryptocurrency doubter, which makes this movement and the new JPM coin a bit surprising. Dimon has even gone as far as calling Bitcoin a fraud.

The world’s first digital currency was birthed by Satoshi Nakamoto due to the financial crisis in 2008. The crisis was started by the US’s major banks, including JPMorgan. Bitcoin was made to disrupt the established banking world.

When these new international payments are tested, it will be one of the first real-world applications for cryptocurrency in banking. Each JPM Coin will be redeemable for a single USD, making it a so-called stablecoin.

Cryptocurrency Price Movements

According to CoinMarketCap, the news hasn’t really affected the price of digital currencies as much as you would think. Usually, when big news strikes like this investors buy in, but that’s not the case today. At the time of writing, BTC is trading at $3,616.83 a coin, down -0.30%. Coins in the top 50 digital currencies are seeing slight gains and losses.

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Stellar (XLM) the Latest Cryptocurrency Added to Grayscale

Grayscale, a cryptocurrency investment group, has just announced that it has launched its latest fund. This new fund is dedicated specifically to Stellar (XLM).

Grayscale Adds Stellar (XLM)

Grayscale is a digital asset management firm that operates under the Digital Currency Group umbrella. Before the addition of Stellar, Grayscale held eight other digital currency trusts.

The trusts now include:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Horizen (ZEN)
  • Litecoin (LTC)
  • Stellar (XLM)
  • XRP
  • Zcash (ZEC)

“We are pleased to bring Grayscale Stellar Lumens Trust to market and will continue to provide investors access to established blockchain projects with substantial traction and resources,” said Michael Sonnenshein, Managing Director of Grayscale. “Grayscale has established a leadership role in this emerging industry and the launch of this product will expand our coverage of the digital asset universe.”

The Grayscale Stellar Lumens Trust is now the first single-asset investment product that provides investors with exposure to Stellar (XLM). Stellar Lumens, or XLM, is the native digital asset of the Stellar Network.

>> Binance Freezes Tokens from Hacked Cryptopia Exchange

Sonnenshein spoke to Fortune about his views on the Stellar Network. The Director of Grayscale believes that Stellar is in a good position to be used in the world and believes the theory behind the project is sound. Specifically, Sonnenshein believes that the working capital aspect of the Stellar Lumens network is what will make it more appealing to banks.

The current banking system requires each major bank to hold large reserves of currencies in foreign banks, but being able to bring those balances of foreign currencies into working capital is what the Grayscale Director finds to be extremely valuable.

Currently, Grayscale also holds XRP, which is Stellar’s competitor. However, Ripple’s network is geared more towards banks, while Stellar (XLM) hopes its project will be used for just about anyone. Specifically, smaller businesses.

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Binance Freezes Tokens from Hacked Cryptopia Exchange

New Zealand-based crypto exchange Cryptopia was hacked two days ago. The thief (or thieves) made off with approximately $3.6 million in cryptocurrency. Now, the biggest cryptocurrency exchange, Binance, has frozen tokens sent to its wallet by the alleged hackers.

Binance Freezes Tokens

According to Binance CEO Changpeng ‘CZ’ Zhao, the exchange reportedly received an unspecified amount of cryptocurrency that social media users noted looked suspicious. The transactions were coming from addresses known to be related to the Cryptopia hack.

Cryptopia currently remains shut down while police investigate the hacking.

The Frozen Tokens

CZ spoke on the matter and said Binance staff are holding the tokens while the investigation is underway. The tokens arrived on the exchange in several batches of MTL coins valued at $7,830 and KNC tokens valued at $6,867 at the time of writing.

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Speaking on Twitter CZ showed his surprise at the hacker’s decision:

“[Binance was] able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them.”

Cryptopia Hack

Cryptopia itself has been unable to comment on events surrounding the hacking because of the police investigation. As a result, we don’t know an awful lot about the events leading up to the hack. One suspicion has arisen over large sums of tokens being moved on the exchange in the days preceding the attack. A positive move was that Cryptopia revealed it to investors immediately and didn’t try to hide it as has been an issue in similar past incidences.

Hacking on crypto exchanges is nothing new. Unfortunately, the regularity of hacking is a big reason why cryptocurrency has faced difficulty with mainstream adoption. The risks associated with trading the coins is considered far too volatile for major industry and financial bodies.

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