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Trend of Tokenization Series: XRP versus JPM Coin on advanced era of banking transformation

Of late, the interests in the trends of tokenization and stable coins are intensified as more and more. Big banks and blockchain tech savvies across the globe tend to invest and invent.

We recently reported J.P. Morgan’s official announcement about its digital currency initiative ‘JPM’s Coin’ and divulged about its digital coin payment.

Dimon has now made his remarks that JPM Coin, the company’s newly launched cryptocurrency likely to get customer adoption, reported in CNBC interview very recently. Wherein, he reportedly stated that “JPM Coin could be internal, could be commercial, it could one day be the consumer.”The coin would purportedly find its use for retail payments, he answered during a Q&A session.

None can rule out that JPM Coin’s chances of striking the chord within the cryptocurrency and financial markets with its newly launched ‘JPM coin’ though there is little skepticism. But, the objective of the coin is yet to be defined, thus, lingering pessimism is revolving around the corner. 

With this fact, Ripple’s CEO Brad Garlinghouse attacked JPM coin with the stark and stringent criticism due to lack of interoperability. 

On the flip side, the Ripple has already been there in the game, the company's ability to send cross-border payments quickly and efficiently is seen as a plus, but banks using the existing Society of Worldwide InterBank Financial Telecommunications (SWIFT) system are not likely to give up their dominance in the field quickly.

Ripple has been assiduously striving with the domestic and central banks around the world to improve payments to the general public, as well as the corporate sector. Ripple intends to generate and develop a network of banking ecosystem on the RippleNet that use Ripple’s blockchain technology, like xRapid, xVia, and xCurrent.

Their business traction in the gamut of trade finance will also have the most investment in this year (approximately about $453 million). 

On the other hand, yet another name ‘XLM’, which is also perceived as an alternative to Ripple (XRP). Both are meant for redefining global finance. The prime objective of Stellar is to serve the non-banking space. This coin offers a wide range of services to make up the efficient ecosystem, like, micropayments, remittances, etc.

Overall, although quite a few cases of beta testing and pilot transactions were observed exclusively for banking operations, the general perception towards all these coins is mixed as an isolated centralized cryptocurrency. However, it appears that there is a long way to go and it meets all eyes.

Currency Strength Index: FxWirePro's hourly BTC spot index revers to -34 (which is still mildly bearish), while hourly USD spot index was at 25 (mildly bullish) at 12:48 GMT. 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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July 2 15:00 UTC Released

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449.6 Stale

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-1541 %

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