The World Economic Forum evaluated XRP and JPM Coin under the same title in a report on digital coins.
JPM Coin and XRP
In the report published by the World Economic Forum, both XRP and JPM Coin are considered as “cryptocurrencies used in interbank payments”.
People can use XRP as an investment tool today, they can profit from the movements in XRP price. However, Ripple, the manufacturer of XRP, uses XRP for other purposes.
Banks and financial institutions, such as the National Bank of Egypt, can use the company’s products such as RippleNet or On-Demand Liquidity (ODL) and trade with XRP. These products and services developed by Ripple enable banks to trade with each other in a much shorter period of time at a much lower cost.
Similarity with JPM Coin
The World Economic Forum uses these two cryptocurrencies under the same heading. But Ripple CEO Brad Garlinghouse thinks JPM Coin is not exactly like XRP.
Garlinghouse had talked about JPM Coin at an event in Washington last year. In the statements he made at the time, he said that he did not fully understand the function of JPM Coin and even stated that no bank would use this coin:
“If you deposit dollars in JP Morgan, they will give you JPM Coins in return, and you will be able to move them through JPM Ledger. If so, why not use dollars directly? I can not understand. If you are only able to use JPM Coin on JPM Ledger and have to make a dollar-indexed transaction, what kind of trouble is JPM Coin?”