Ripple CEO tweets JPMorgan's crypto venture 'is like launching AOL after Netscape's IPO'

Ripple's CEO Brad Garlinghouse is not enthusiastic about JP Morgan Chase's newest crypto venture. Garlinghouse has stated on Twitter that the JPM Coin "misses the point," and compared the project to “launching AOL after Netscape’s IPO.”

Garlinghouse has also linked his earlier LinkedIn post which criticises the idea of bank-issued digital coin as a whole. In the article, he noted that more banks following the trend would lead to “an even more fragmented currency landscape.” He also argued that the so-called “utility settlement coins” being backed by cash essentially turns them into liabilities. “Trading liabilities then ultimately requires moving cash across borders, re-creating today’s system,” wrote Garlinghouse.

As an alternative, Ripple CEO promoted XRP as an “independent digital asset” which could provide banks with efficient settlements due to its global reach.