Forbes Writer Slams Ripple As A “Scam”, Says JP Morgan Will “Fill The Void” Of “Ripple’s Apparent Dishonesty”
JP Morgan releases JPM Coin
They released a new token which has been used in a single trial, and it’s already making waves in the crypto space, promising to be a complete game changer.
The stablecoin is called JPM Coin, and it targets cross-border payments.
This is seen as a direct rival for Ripple and XRP.
“This is a huge slap in the face for Ripple,’’ said Tom Shaughnessy, principal at Delphi Digital, a crypto research boutique in New York via Bloomberg.
He continued and explained that “Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat.”
It was also reported that Brad Garlinghouse was far from impressed by all of this.
Forbes writer slams Ripple as a scam
“While Ripple has been positioning XRP as solving cross-border financial transaction issues among banks, there are also indications that Ripple is essentially a scam. Banks around the world are getting wise, and JPMorgan has timed its release of its coin to fill the void that Ripple’s apparent dishonesty is leaving in the marketplace,” Bloomberg wrote.
Ethereumworldnews says that the author’s comments towards Ripple definitely lack substantial evidence.
They remind readers that Ripple has been making a lot of efforts to dissociate itself from the idea that they are controlling XRP in a high bid to promote decentralization.
It’s true that Ripple, the company, does hold a vast amount of XRP.
This debate has been going on for a really long time, but Ripple has been moving on with its plans to replace SWIFT and offers users a secure, fast and cheap way of transacting money across borders and more.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.