Global Coin Report got wind of a rumor that popular cryptocurrency giant, Ripple, was partnering with another giant in the banking industry. This giant is none other than JPMorgan Chase & Co. (NYSE:JPM). The source of the news reiterated that they could not verify the news for it was only from one source. They needed a second source to fully believe that there was a legitimate possibility of the two giants partnering.
In the report, the source claimed that it was given the information via a note from a Ripple insider that said the following:
“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.”
One possibility of the rumor having some substance can be found on the J.P Morgan Chase website where it has announced that the bank is working on the first New U.S. Payment services in 40 years. This means that the payment system will be 100% built and tested in the United States. One thing to remember is that Ripple is also an American company since inception.
The J.P Morgan website announces the following:
“The first new U.S. payment system in 40 years is coming, and it aims to dramatically simplify processes from transaction initiation through to reconciliation.
Pivotal to this is the way Real-time Payments (RTP) combines immediate funds availability, settlement finality, instant confirmation, and integrated information flows—all in a payment made in seconds. Bringing together speed, data, and communication solves for longstanding challenges.”
Any Ripple fan knows that the second paragraph above describes one of their favorite cryptocurrency ledgers: The Ripple (XRP) ledger. The part that gives it away, is the settlement in seconds. We all know that it is only Ripple that can currently settle transactions in 3.3 seconds or less. Ethereum takes anywhere from 2 minutes and above; Bitcoin takes close to an hour; with traditional Swift taking 2 – 3 days.
But The J.P Morgan website did not say the payment solution is blockchain based.
If the above statement crossed your mind when reading this, let us dwell deeper on recent patents filled by J.P Morgan Chase.
On May 3rd, J.P Morgan Chase filed a patent application with the U.S Patent and Trademark Office (USPTO) with respect to a new network that will use DLT (Distributed Ledger Technology) for intra-bank and inter-bank settlements. This hints directly towards blockchain technology.
But could they be creating their own network rather than using Ripple?
The above statement is true. J.P Morgan could indeed start work on its own ledger. But will they sacrifice the time spent to create one? Ripple recently admitted that it has worked on its ledger for 6 years. J.P Morgan will not spend that much time doing R & D (Research and Development) as the competition out there, decides to revolutionize banking using Blockchain technology and adopting Ripple products on a daily basis.
Putting it all together, there is a rumor that J.P Morgan Chase and Ripple are in the midst of partnership talks. Furthering that rumor yields more arguments for the partnership than those against it. As is the case with everything in the crypto-verse, only time will tell if this is indeed legitimate information or just another rumor.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels