Ripple’s Brad Garlinghouse Explains Why He’s Not Scared of JP Morgan’s ‘Bank Cryptocurrency’
Three MIT students in their early 20s created a technology that could draft predictive responses to emails. In May 2018, they proceeded to raise funds for their startup – EasyEmail. Around the same time, Google held its annual conference in which it announced a feature similar to that of EasyEmail. The startup’s founder, Filip Twarowski, expressed his shock, fearing that competing with Google would scare off venture capitalists.
The history of entrepreneurship is full of stories in which more prominent corporations try to squash young companies by copying them. Or, they acquire them completely to eliminate a threat.
In the case of JP Morgan, it is the former.
JP Morgan’s New ‘Cryptocurrency’ Project Threatens Ripple?
Multinational banking giant JP Morgan took an idea made famous by Ripple Labs (and other public crypto projects) – that blockchain can conduct cross-border transactions more swiftly than traditional interbank settlement system SWIFT – and rebranded it. To that end, the firm replaced Ripple’s distributed ledger with an Ethereum-inspired Quorum blockchain and XRP token with its new stablecoin, JPM Coin.
Read the full story on CCN.com.
