JPM cryptocoin 'great for blockchain,' but lacks interoperability, Ripple CEO says

JPMorgan Chase released its own cryptocurrency earlier this year, and while it is a big step for the blockchain industry, Ripple CEO Brad Garlinghouse is still skeptical, according independent portal FX Street.

"I think it's great for the blockchain and crypto industry to have players like JPM learning," Mr. Garlinghouse said at the DC Blockchain Summit 2019.

The CEO met with other blockchain leaders to discuss the progress and success of the technology. Mr. Garlinghouse has been asked about JPMorgan's cryptocurreny before. He said he was informed by  Morgan Stanley that the coin is unlikely to be used by other banks.

"I really don't understand," the CEO said. "If you're just moving within the JPM ledger, and it has to be a dollar-to-dollar, one-to-one backing, I don't understand what problem that solves."

If JPM decides to limit the coin to in-house use, problems with interoperability may arise, a problem blockchain was designed to stop, Mr. Garlinghouse noted.

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