When JP Morgan announced plans in February for its own cryptocurrency, I wondered what this would mean for Ripple. The San Francisco crypto company has long touted its favored currency, XRP, as a type of bridge money for financial firms to use in international transactions. Those ambitions could be dashed if banks decided to use an in-house currency such as the so-called JPM Coin instead.
So is Ripple worried? I put the question to CEO Brad Garlinghouse at the company’s offices last week, and answer seems to be no.
“If you told me two years ago that the guy who called Bitcoin a fraud was launching a coin, I would have said you’re on Market Street sniffing fumes,” said Garlinghouse, referring to JP Morgan’s CEO who has been famously skeptical about Bitcoin.
Garlinghouse added that he thinks the arrival of JPM Coin is a good thing because it underscores the legitimacy of blockchain technology for money transfer, and that he doesn’t view it as…