Changpeng Zhao Formally Welcomes the Likes of JPM Coin and Facebook to the Crypto Market
On Twitter, he wrote that these digital assets would be improving the adoption of the cryptocurrency industry.
Binance CEO Gives a Friendly Welcoming to Institutional Cryptos
Although the CEO of Binance knew that his opinion would be unpopular among the crypto community, he didn’t hesitate to share his view on the matter.
According to him, companies can do what they desire as long as they are not harmful to others. He has also said that the more people adopt cryptocurrencies, the better.
Unpopular opinion: JPM/FB coins.
In a decentralized world, anyone can do as they please (within limits, so long as they don't hurt others). The more people adopt #crypto, the better.
Adoption is #adoption. Welcome!
How well will they do? Well, let's wait and see. https://t.co/ke3wYhsexI
— CZ Binance (@cz_binance) March 9, 2019
He did not comment on how these digital assets will perform, considering that many suggested that they could steal a large part of the crypto market. Zhao said that the best thing to do is wait and see what they will be offering to the market.
Totally agree. The more, the better.
— Justin Sun (@justinsuntron) March 10, 2019
The JPM Coin was announced a few weeks ago and the intention is to use it as a means of sending and receiving payments among JP Morgan’s clients around the world. This would reduce transaction times and costs. The digital currency will be a stablecoin backed by the US dollar.
Although there is nothing official about it, Facebook could be working on its own digital currency to power the remittance market in India. Apparently, the intention is to deploy it on WhatsApp and allow individuals to have a cheap way to send and receive payments. India is one of the biggest remittance markets around the world, thus, a stablecoin to be embedded in WhatsApp makes sense for Facebook.
Binance is the largest digital currency exchange in terms of trading volume in the market. According to data provided by CoinMarketCap, Binance handled $1.1 billion in trading volume in the last 24 hours.
One of the coins that could be affected by the new digital currencies is XRP. Brad Garlinghouse, the CEO of Ripple, explained that the new JPM Coin “misses the point.”
Another large company that is launching a digital asset is Telegram, that aims at launching the blockchain network TON (Telegram Open Network).