One of the great news from Fintech was that JP Morgan Chase was issuing its own currency named JPM Coin. The fact that a bank of the old, traditional and conservative school was adopting the blockchain technology and was becoming a crypto drew much attention from traditional finance and disruptive companies alike.
First cryptographic supported by a US bank
JPM Coin is considered the first cryptographic supported by a US bank. UU With JP Morgan liquidating transactions worth $ 6 billion each day, its new technology is well positioned to transform global payments.
According to JP Morgan, the new cryptocurrency is for payment transactions between its customers. In the United States, they became the first to deploy their cryptocurrency, Guess they want to be in fashion.
Of course, the crypto community did not like JP Morgan’s movement, and they are showing their dislike for it, positioning it as centralized and contradicting the fundamental attributes of Bitcoin and the Blockchain.
JPM currency is not a public but private block chain
In this regard, Nouriel Roubini has pointed out that the JPM currency is not a public block chain, but a private one and nothing to do with crypto. And that the crypto community finally coincided with Roubini. Something unexpected and what he literally said:
“How does the new supposed cryptographic currency JP Morgan have something to do with blockchain / crypto? It is private, not public, without permission, without access, based on reliable authorities that verify unreliable transactions, centralized and not decentralized. Calling it crypto is a joke.”
The controversial JPM Coin is similar to the stable coins in concept, since it can be exchanged for $ 1 and the clients will be given the coins after depositing dollars in the bank; After using the tokens for a security payment or purchase in the chain of blocks, the bank destroys the coins and returns to the clients a proportional amount of dollars.
Nouriel Roubini took the opportunity to make a purchase between the JPM currency and the XRP. Roubini retweeted his aforementioned tweet with a comment:
“The same goes for XRP. It’s a joke as big as the new pseudo crypto currency JPMorgan. ”
JPM currency is in direct conflict with others
What Brad Garlinghouse, CEO of Ripple, made a distinction between JP Morgan’s cryptography efforts and his own, and insists that JPM is not only nothing new, but is in direct conflict with the advances made in cryptography technology.
The occasion was ideal for comment, and Anthony Pompliano, an anti-establishment figure who runs Morgan Creek Digital, joked that the most popular token for money laundering this year will be JP Morgan’s own asset. Which will probably refer to to the fact that Bitcoin is barely used to clean cash as much.
Recall that Jamie Dimon, the executive director of JP Morgan Chase, has long been a skeptic of cryptocurrencies, especially Bitcoin. After calling the emblematic asset crypto a fraud, noting that it is much worse than the bubble tulip bulbs.
Also published on Medium.