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Chris_Reeves

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Chris_Reeves last won the day on August 24 2018

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  1. Nothing specific regarding xRapid. See other notes that I made further down the comment stream
  2. Long and short, very little mention of utilizing new services. This was more surrounding the pre-existing platforms like SWIFT GPI and its benefits.
  3. (2:25 EST) "It's important to note that SWIFT GPI doesn't speed up payments. It just requires each of the organizations to agreed to credit without actual settlement." (2:27 EST) He is strictly speaking around SWIFT currently. Still waiting on any mention of Ripple. (2:36 EST) Continuing to speak regarding the most efficient method of sending international money (No mention of Ripple) (2:45 EST) First mention of Ripple (2:45 EST) "The question is can Ripple provide enough downstream benefits to corporations and individuals outside of just settlement." (2:50 EST) It's done. No real mention of Ripple products and services.
  4. Published - February 14, 2019 J.P. Morgan this month became the first U.S. bank to create and successfully test a digital coin representing a fiat currency. The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional accounts. We sat down with Umar Farooq, head of Digital Treasury Services and Blockchain, to find out more about the announcement and what it means for the future of payments. So what exactly is the JPM Coin and what is it used for? JPM Coin is a digital coin designed to make instantaneous payments using blockchain technology. Exchanging value, such as money, between different parties over a blockchain requires a digital currency, so we created the JPM Coin. Are JPM Coins a currency or legal tender? The JPM Coin isn’t money per se. It is a digital coin representing United States Dollars held in designated accounts at JPMorgan Chase N.A. In short, a JPM Coin always has a value equivalent to one U.S. dollar. When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of U.S. dollars, reducing the typical settlement time. Will it be used for other currencies besides the U.S. Dollar? Over time, JPM Coin will be extended to other major currencies. The product and technology capabilities are currency agnostic. How did you test the JPM Coin? We successfully tested the movement of money between a client account and a J.P. Morgan account using the new technology. What is J.P. Morgan's official stance on cryptocurrencies? We have always believed in the potential of blockchain technology and we are supportive of cryptocurrencies as long as they are properly controlled and regulated. As a globally regulated bank, we believe we have a unique opportunity to develop the capability in a responsible way with the oversight of our regulators. Ultimately, we believe that JPM Coin can yield significant benefits for blockchain applications by reducing clients’ counterparty and settlement risk, decreasing capital requirements and enabling instant value transfer. Why is it beneficial to have J.P. Morgan's involvement? With our fortress balance sheet, expertise in blockchain and global payments network, J.P. Morgan can seamlessly and securely transfer and settle money for clients around the world. Strong Balance Sheet - with a $2.6 trillion balance sheet, JPMorgan Chase N.A. will redeem each JPM Coin in fiat currency. In other words, one JPM Coin represents $1. Security and Innovation - JPMorgan Chase, the largest U.S. bank, spends approximately $800 million each year on cybersecurity and has a Blockchain Center of Excellence that is leading innovation in financial services. Strong Controls and Compliance - In addition to hundreds of millions of dollars invested annually in cybersecurity, JPMorgan Chase has strong AML and KYC controls in place. Regulatory Oversight - being a nationally chartered U.S. bank with global presence, JPMorgan Chase must comply with banking laws and regulations. J.P. Morgan is supervised by banking regulators in the United States and in the international jurisdictions in which it operates. Are regulators supportive of the JPM Coin? JPM Coin is currently a prototype. As we move towards production we will actively engage our regulators to explain its design and solicit their feedback and any necessary approvals. Does the JPM Coin run on Quorum, J.P. Morgan's blockchain technology? The JPM Coin will be issued on Quorum Blockchain and subsequently extended to other platforms. JPM Coin will be operable on all standard Blockchain networks. What impact will JPM Coin have on J.P. Morgan's other businesses like Custody or Clearing & Settlement? It is still too early to assess the ultimate impact of blockchain on different businesses. We continue to work with our clients around the world to explore different use cases for this type of technology. Does the development of JPM Coin have any impact on the Interbank Information Network (IIN), J.P. Morgan’s new blockchain network? IIN transfers information, not payments, between correspondent banks. The JPM Coin, representing fiat currency, is designed to instantaneously transfer value. Can I use JPM Coins as an individual consumer? JPM Coin is currently a prototype that will be tested with a small number of J.P. Morgan’s institutional clients, with plans to expand the pilot program later this year. JPM Coin is currently designed for business-to-business money movement flows, and because we are still in a testing phase, we don’t have plans to make this available to individuals at this stage. That said, the cost-savings and efficiency benefits would extend to the end customers of our institutional clients.
  5. Please look at this link from JPM before we speculate. https://www.jpmorgan.com/global/news/digital-coin-payments
  6. Any company that continues to call the digital asset XRP, Ripple, will not have my business. I'd suggest the same for everyone.
  7. Can we get someone on finding this transaction? @Tehol_Beddict?
  8. https://seekingalpha.com/article/4233327-ripple-continues-look-like-blockchain-winner-2019
  9. Okay I'll just provide some simple thoughts on Ripple's goal and how this plays into it. Correct me where I'm wrong, please. First off, there can be many private ledgers on the XRPL, as you can see when Ripple mentions the throughput TPS capability that compares to Visa into the 50k+ per second range. That's how they would do it. Second, Ripple's end goal isn't xRapid. They know this is a stepping stone to more widespread usage of XRP from large institutions. I see this playing out in a couple of ways. Ripple works to have businesses sign up for Ripplenet. A select few of those begin to utilize XRP as the intermediary asset for cross-border remittances. As cost savings are realized, more institutions sign on, liquidity is increased, price increases, more exchanges, etc.. Once XRP is seen as the standard intermediary asset due to its speed, low cost, and ease of use through Ripple's/R3's technology AND regulatory clarity is provided, large banks (JPM, Wells Fargo, Bank of A, etc..) will begin purchasing XRP to facilitate transactions either as a Market Maker or for their own business operations. This is where these private chains will become important. Imagine many large banks holding XRP in order to send back and forth as the established intermediary asset as a transfer of value. This is possible because of the stability of the system, the inherit growth in price that comes with a currency that operates in a deflationary manner (coin burn), and the need due to businesses they support using Ripplenet. Once these institutions begin using XRP as a medium of exchange, the need for xRapid will be diminished down only to the companies that are completing cross-border remittances on a consistent basis in low value transactions (Moneygram, Transferwise, SBI Remit, Santander) and a few large transactions where large banks will cash out some of their XRP holdings due to a treasury need for additional money in whatever currency they want. Another possibility could be where these large organizations use xRapid initially to lower their global liquidity requirements through the removal of their nostro-vostro accounts as the need just isn't there but they decide not to hold XRP for any reason mentioned above (most likely due to a lack of regulatory clarity) but they decide to continue to use xRapid through the use of a large liquidity pool (see xPool which could come into fruition in the coming years) or through the use of correspondent banks. Either way, what you're talking about is the widespread usage of XRP as the intermediary asset being held by individual institutions or through the xRapid product line. The former is the end game and what Ripple is trying to facilitate but would require the usage of secondary chains for privacy, speed, and lower cost that would allow such a large throughput for transaction speed. Long story short. Don't concern yourself with multiple chains on the XRPL as it is what is required to facilitate the widespread usage of XRP as more than just an xRapid product.
  10. That's because they can't make a profit and Elon Musk, while remarkably intelligent, is not fit to be CEO. Apples and Oranges
  11. It may slow down the movement to RippleNet but until they fix the nostro-vostro account issue, this is a non-starter.
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