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Ripple Chief lashed out at the JPM Coin banking blockchain, the Grayscale Investments fund is actively developing. Forbes journalist sees the future of Bitcoin.
Information that JPMorgan will launch its blockchain-based payment system has distressed Ripple representatives. The chief of Ripple Labs, Brad Garlinghaus, said that the bank did not understand the mechanisms and principles of cryptocurrency.
The main part of the criticism concerns the uniqueness of banking products. Eventually, exchange operations between credit institutions will be necessary. Then it will be necessary to attract fiat money as an intermediate asset, which is not rational. However, experts see “second bottom” in the words of Brad Garlinghaus. The fact is that JPM Coin is becoming a clear competitor to Ripple technology solutions.
Report of Grayscale Investments cryptocurrency fund says that investors do not lose interest in cryptocurrency. In 2018, the total amount of attracted investments amounted to $ 359 million. A year earlier, the amount of financing was only $ 95.4 million.
Although Grayscale Investments notes that the downturn in the market has led to a fall in the number of new customers, the overall situation remains positive. More than 55% of the funds were received from institutional investors. The average size of the deposit exceeds $ 850,000. Now Grayscale Investments manages seven funds, each of which allocates funds to one of the most liquid tokens. Moreover, Bitcoin accounts for about 63% of all investments.
Binance opinion about situation on cryptomarket
Forbes magazine author Clem Chambers has published an article about Bitcoin. In it, he cites evidence that cryptocurrency has become legal means of payment and perfectly performs the function of a financial asset.
According to the journalist, the spread of cryptocurrency as a means of payment is hampered only by the policy of state bodies. The blockchain technology has already proven its worth and reliability, but the authorities are afraid of losing the competition. As a result, they created a system to counter new technologies through bureaucratic procedures. However, it is almost impossible to keep bitcoin and other cryptocurrencies.