Back in December 2017, Brad Garlinghouse, CEO of Ripple (XRP) announced the presence of 15 JP Morgan executives in a talk he gave on the technologies of Ripple (XRP). Back then XRP crossed the $1 mark for the first time ever after the announcement. Ever since, more people became speculative of the possibility of a partnership between the two companies. The partnership will in part have an effect on XRP’s price as Ripple’s xRapid feature gains attention from the largest investment bank in the world.
Recently, JP Morgan’s official Treasury website also announced that they were working on a real time payment system that will have ‘ripple benefits’ to their customers. Another hint from JP Morgan? This undoubtedly created a buzz of hope amongst the Ripple and XRP investors, but is JP Morgan up for a partnership with Ripple Inc. or XRP? In this article we focus on the possible partnership between JP Morgan and Ripple Inc. and the truth behind the bank’s hints.
“Attempting to send this to you without being outed, but we have had a few discussions with reps at JP Morgan with respect to our capabilities and what we bring to the table should they engage us. Not much more has happened beyond that, but initial talks have actually occurred. That much I can confirm. Super nervous to be sending you this info, but hope that you can keep me anon and protected. Our execs working overtime to put together the biggest partnership headlines as they can. All I got for now. More to come if developments occur.”
– Rumor from an insider in Ripple Inc.
In one of the reports released last week, a statement from an insider was made public of the intention of the two firms to partner soon. According to the note, the two companies were holding consultations and discussions with the partnership headlines expected to be big when released. The source of the information requested to be kept anonymous for their own protection but we weren’t able to obtain information from a second source at JPM or Ripple Inc.
Is Ripple the chosen blockchain solution?
Ripple technologies are known to be bank friendly which has seen the widespread adoption of xCurrent system by over 100 banks according to Brad. JP Morgan has talked of introducing a new payment system in the US for the first time in 40 years that aims to dramatically simplify processes from transaction initiation through to reconciliation. Very much sounds like the xRapid technology from Ripple. However, is Ripple the chosen blockchain to lead JP Morgan to instant, costless and secure payments?
Quorum blockchain vs Ripple xRapid technology
Given that JP Morgan has already launched its own ’advanced’ blockchain, namely Quorum, it seems highly unlikely thatRipple (XRP) will ever be adopted by the bank. Quorum is an Ethereum based blockchain aiming at dealing with applications requiring high speed and high throughput while processing private transactions within a permissioned group of known participants. Quorum addresses specific challenges to blockchain technology adoption within the financial industry, and beyond.
Ripple Inc. still has a chance to partner with JP Morgan as it can provide a more developed platform with better features than the Quorum blockchain. Ripple and XRP fans should keep watch and hope for the best as the two companies continue to court each other in the recent days.
Ripple (XRP) currently trades at $0.539673 USD, a slight 2.85% gain in the last 24 hours. The coin still holds the third position on Coinmarketcap capitalization listing with a total market capitalization of $21,179,631,311 USD.