We were dropped a note by a Ripple insider that piqued our interest. Not only did Ripple’s CEO, Brad Garlinghouse announce this week that they are in talks with dozens of banks to offer blockchain capabilities to money transfers, but that more announcements were on the way. You know, an announcement of pending announcements. Those seem to be popular in crypto.
But the info we were passed focused on one of the largest global financial institutions with a storied history and iconic name: JP Morgan.
The bank with the notorious no-coiner Jamie Dimon still at the helm. Per our source, Jamie doesn’t get to make every decision at the firm and there are processes (in the very infantile stages) that are ongoing that has the bank evaluating possible blockchain partners and cryptocurrency initiatives.
Ripple happens to be one of the deep dive evaluations that they are engaged in, focused on global money transfer capabilities. JP Morgan is looking to stay ahead of the curve and money begins to speed up and fees associated with speed can be applied. JP Morgan loves fees as much or more than any of its competitors.
Here is the note we were passed:
“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.”
If, IF this is true and the two firms have had any contact it is huge for Ripple and their stated objective of partnering with the fiat bank and financial architecture as it currently stands and building their brand from within that structure.
It should be noted that we could not get a second source to verify this information. Just a bunch of ‘no comments’ from both sides. That is typical.
That being said, this wouldn’t surprise us in the least. Ripple and XRP are known to aspire to be the ‘bankers coin’ and have acted accordingly over the past year.
Brad Garlinghouse has even been taking shots at Bitcoin along the way. He’s recently pontificated that Bitcoin won’t ultimately be a one world currency and could even be the “Napster of cryptocurrencies – blazing a trail, but ultimately ceding the throne to some other coin/brand.”
Of course, he was mocked and trolled incessantly once the crypto public was made aware of those thoughts. But Twitter trolls don’t control strategy at Ripple or JP Morgan. Both firms are free to engage in ways that they deem fit.
This would be a biggie should it continue to develop. For now, we will watch from afar, but don’t be surprised if this turns into a serious initiative that could move the crypto markets in a significant way.
***For clarity sake, this article has been dubbed a rumor because we were not able to verify this information with a second source. While we trust our initial source an article only rises to news for something of this magnitude if we have multiple confirmed sources.***