April 25, 2024

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 firstbank 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, there is 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 are struggling to develop their own cryptocurrency, XRP is a great place to start.

Considering that the JPM coin will still bepegged to the US dollar, it will not provide decentralization and independence like XRP does. For cryptocurrency fans, JPM Coin will be digital cash rather than cryptocurrency. For this reason, it is unlikely to gain community adoption outside of JP Morgan.

At the moment, the main goal of the releasecoins is the use of blockchain technology to enable its customers to send and receive money in a secure, fast and cheap way. JP Morgan has now proven once again that the financial industry is undergoing a revolution.