Irrelevant news for the crypto market. A cryptocurrency created by a multinational is nothing but a centralized shitcoin.
If anything, this coin will compete directly with SWIFT. It also means that XRP will have more competition, in this case, the new player will be a well-established company with tons of clients worldwide (banks, big corporations and financial institutions) that would rather use JPM coin for internationals payments and whatnot rather than Ripple's services. In other words: XRP bagholders, I think it's time to sell.
I wonder what would JPM coin would bring us because if it just another cryptocurrency then I am sure that it won't rise much and will be pumped and dumped soon.
This coin won't be like the usual cryptocurrency that you're used to, this will be used by big corporations, not for people to invest and wait for the pump to dump.