September 20, 2020

Will JP Morgan Coin become Ripple's main competitor?

Will JP Morgan Coin become Ripple's main competitor?

The information that JP Morgan Bank will issue a JPM coin has finally been confirmed. Now JP Morgan is the first bank issuing a supported bankcryptocurrency. According to the bank, the coin will be used to make transactions worth more than $ 6 billion. Well, isn't that what XRP is for?

The bank's announcement was a subject of discussion, and many suggested that the JPM coin could compete with XRP.

JPM Coin Position in the Financial World

In fact, only a smallthe likelihood that JPM Coin will threaten XRP. It is unlikely that banks will want to use the coin, although a number have already announced the start of developing their own, so the number of banks that are interested in using XRP may decrease over time. But for those who cannot develop their own cryptocurrency, XRP will be a great place to start.

Given that the JPM coin will stillpegged to the US dollar, it will not ensure decentralization and independence, as XRP does. For cryptocurrency fans, JPM Coin will be digital cash, not cryptocurrency. For this reason, he is unlikely to receive community acceptance outside of JP Morgan Bank.

At the moment, the main goal of issuing coinsis the use of blockchain technology in order to provide its customers with the opportunity to send and receive money in a safe, fast and cheap way. JP Morgan has now proved once again that the financial industry is undergoing a revolution.