Ripple CEO Brad Garlinghouse questioned the purpose and the overall utility of the recently announced cryptocurrency JPMCoin. He also outlined the positives aspects of major financial players stepping in the industry.
Garlinghouse Questions Purpose of JPMCoin
Brad Garlinghouse, CEO at Ripple — the company behind the third largest cryptocurrency by market cap XRP — expressed his thoughts on the matter of JP Morgan Chase’s recently announced cryptocurrency.
He spoke at the DC Blockchain Summit on March 6. The executive said that he thinks it’s “great” that major financial institutions such as JP Morgan Chase stepping into the cryptocurrency industry. His praises, however, ended quickly. He stated:
That’s the only nice thing I’m going to say about this.
True to his words, Garlinghouse referred to another conference that he had been speaking at where he was interviewed by someone from Morgan Stanley.
This guy from Morgan Stanley was interviewing me, I said ‘So, is Morgan Stanley going to use the JPM Coin?’…