Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
The race to launch a CBDC among central banks worldwide is perpetually picking up as its development is ongoing in nations like Singapore, while China buckles up for its launch within 202o. However, people’s focus is set on the US Federal reserve’s potential to release a CBDC backed by the favored currency, USD.
In recent times, reports have it that the Head of Blockchain technology said that the company would not release its JPM Coin if the Federal Reserve released a coin.
In a recent interview, Ripple’s CEO Brad Garlinghouseby Julia Chatterley talked about the likelihood of a ‘Fed Coin’ and its impact on the firm. He spoke about his uncertainty on whether they will find a way around commercial banks in most of Europe and the United States, but Ripple will remain focused on commercial banks and payment providers regardless of how the launch will turn out.
Nevertheless, the CEO emphasized the firm’s willingness to avail services to other types of customers, as he compared the company’s growth to that of Amazon when the internet just emerged.
Garlinghouse pointed out the company’s rate of expansion: the company considers itself a blockchain infrastructure firm. He also spoke about the amount of work they put in cross border payments as a pioneering vertical and the commitment to doing other verticals using these technologies.
Contrary to JP Morgan’s Head of Blockchain sentiment, Garlinghouse said the continued existence and use of XRP are not based on whether the Federal Reserve releases a Fed Coin.
He further stated that it was imperative to have an ideal cross-border settlement dynamic, thereby requiring a neutral, cross-border settlement asset such as XRP, even when the Fed Coin is launched.
His views stirred up quite a reaction as several Federal Reserve officials have recently come out publicly to rubbish cryptocurrencies and tease the launch of this much-expected Fed Coin. Following the uproar fueled by the lack of trust in cryptocurrencies like BTC and XRP, several individuals believe Fed Coin would face the same challenge.