Let’s start with the obvious. Ripple now have another huge contender (as do SWIFT for that matter). One of the major benefits of JPM Coin and - any other bank created crypto which follows the precedent – is the ability to instantly settle payments. Currently, banks rely on legacy systems – such as Swift – to settle payments, something which is often referred to as outdated (hence legacy) and ultimately, slow and costly. Ripple saw this as a gap in the market, swooping in to offer their expertise in blockchain technology and even offer some instant liquidity solutions in the form of XRP and its integration within one of the firm’s remittance solutions, xRapid. However, with the incipient JPM Coin on the way, it seems as if Ripple will have to compete even harder if they’re to win over any further business from major banks. With the introduction of JPM Coin, there are many possible outcomes pertaining to the effect on crypto as payment. Here are just three:

1: JPM Coin becomes the standard for bank payment settlements.

2: JPM sets a precedent for other major banks to create their own cryptocurrencies.   

3: Ripple (and other competitors) undercut JPM and Banks defer to use these.

The third option is perhaps most likely, JPM doesn’t have unilateral control of the free market, albeit their dominance is prevalent, it is still likely that this will just create further competition. Interestingly the second option is also likely, especially in the long term. A recent report from the Bank of International Settlements (the bank of central banks) 70% of the worlds central banks are looking into the creation of central bank digital currencies (CBDC). Well, just my two cents on this. I'll continue now with my online roulette game. Cheers mate!!