CEO Ripple Garlinghouse brad (Brad Garlinghouse) is convinced that the announced digital asset banking giant JPMorgan Chase “misses the essence of the” cryptocurrencies.

Yesterday, JPMorgan announced the imminent start of tests stablon JPM Coin, designed to improve the efficiency of interbank settlements.

Arlinghaus reacted to the news on Twitter:

“As predicted, banks change their tone towards cryptocurrency. But this project JPM misses the point — the introduction of a closed network looks like today at the launch of AOL after Netscape’s IPO. It’s been 2 years, and banking coins is still not the answer.”

As predicted, banks are changing their tune on crypto. But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and still bank coins aren’t the answer

— Brad Garlinghouse (@bgarlinghouse) February 14, 2019

The head of the Ripple attached to the message a link to your own article of 2016, where he criticized the prospects of banks issue digital currencies, which Arlinghaus called Bank coins. He argued that such projects are misguided and will inevitably lead to “even greater defragmentation of the exchange landscape”.

“We firmly believe that banks need independent digital asset, to be truly effective for the calculation, and believe that XRP is best suited for this role. This goes back to the basics of what makes digital assets unique and special — they are the ultimate currency, and that means that everyone can use them as units of value in any place of the world,” wrote then Arlinghaus.

Some experts have said that the draft JPM Coin is a serious competitor to Ripple, and even can destroy it.

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