Brad Garlinghouse, CEO of cross-border payment giant Ripple, the company behind the XRP token, said during the D.C. Blockchain Summit celebrated in Washington that the JPM Coin lacks interoperability.
According to Ripple's CEO, the new stablecoin, which is supposed to be backed by the US dollar with a 1:1 ratio, lacks the necessary interoperability to become a major innovation in the industry, therefore, banks are very unlikely to adopt it for any real use.
However, despite his negative comments about the new stablecoin introduced by JP Morgan Chase, he considers that the bank's attempt to launch its own cryptocurrency shows how interested the bank is in the crypto industry.
"This could have a very positive effect on the blockchain and crypto industry to have players such as JPM leaning in. That’s the one good thing I’ll say about this," he added.
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