- “I think it's great for the blockchain and crypto industry to have players like JPM leaning in,” Garlinghouse.
- JP Morgan to issue JPM COIN in a few months following successful trials.
The CEO of Ripple, a San Francisco-based blockchain startup shared his thoughts about the soon to be launched JPM Coin. The collateralized stablecoin is going to be issued by the largest bank in the United States, JP Morgan following a series of trials. Brad Garlinghouse was speaking during the DC Blockchain Summit 2019 held at Georgetown University in Washington, DC on March 6.
This particular event is the Chamber of Digital Commerce’s "annual in-person gathering held in partnership with Georgetown University’s Center for Financial Markets and Policy." And has a mission "to promote the acceptance and use of digital assets and blockchain-based technologies."
The CEO also answered questions by Nasdaq’s reporter Jill Malandrino. Garlinghouse was asked to give his thoughts on JP Morgan’s JPM Coin. Garlinghouse said:
"OK, so I got asked this last week. I was speaking at a Morgan Stanley conference, and someone asked me...there was this headline about JPM Coin. This guy was from Morgan Stanley who was interviewing me. So, I asked him 'Is Morgan Stanley going to use the JPM Coin?'. He said 'probably not'. Or is Citi going to use the JPM Coin? Is BBVA? Is PNC? And the answer is no. And so does that we're going to have all these different coins, and does that mean we're back to where we are with lack of interoperability? I don't get it."
Garlinghouse continued:
"So, let's think about this. JPM Coin, they announced for institutional customers, if you give them a dollar in deposits, they’ll give you a JPM Coin that you then can move within the JPM ledger. Wait a minute, just use the dollar!” he said. “I really don’t understand. If you’re just moving within the JPM ledger, and it has to be dollar-to-dollar, one-to-one backing, I don’t understand what problem that solves.”
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