Ripple Ceo Shells Morgan Coins: Impossible To Be Adopted By Banks
Brad Garlinghouse, CEO of San Francisco blockchain startup Ripple, praised JP Morgan Chase for developing his own stable currency, but he ruled out the possibility of the product being used by other banks and questioning its usefulness.
It is reported that Garlinghouse said in a fireside talk at the blockchain summit of the American Digital Business Association in Washington that he believes that large financial institutions such as JP Morgan Chase “joined in” is a good thing. But he quickly added: “This is the only good thing I have to say.”
In fact, Garlinghouse’s companies have been fighting for financial institutions to use their distributed ledger technology for payments, including products using cryptocurrency XRP.
According to Garlinghouse, he was interviewed at another meeting last week: “Does Morgan Stanley use JP Morgan Chase?” The other said, maybe not. Garlinghouse continues to ask: “Then, Citi will use Morgan.” Is the currency of Chase? Will it be used by the Spanish Foreign Bank? Is the PNC going?” The answer is no.
Therefore, he pointed out that a bank that develops its own stable currency may face problems that DLT is trying to solve. He further asked: “So, does this mean that we will have all these different coins? Are we back to the point of lack of synergy? I don’t understand.”
Garlinghouse even pointed out mercilessly that if fiat money still stays at the level of a single book, what is the significance of its certification? He said: “If you deposit a dollar, they will give you a JPM that can flow in the JPM books. Wait a moment, this is not using the dollar!”
He said: “I don’t understand. If you just flow in JPM’s books and must be one-to-one with the dollar, I don’t understand what the problem is.”
At the same time, Garlinghouse ended his comment on the issue in a diplomatic note. He pointed out that JPM coins are just a kind of cryptocurrency, and that’s it.