Eidoo Ethereum Wallet Takes Out Full Page Ad in WSJ to Troll J.P. Morgan
A Swiss-based Ethereum startup has taken out a full-page ad in The Wall Street Journal to troll J.P. Morgan Chase CEO Jamie Dimon, who only last month called cryptocurrency a “fraud.”
Eidoo Launches Digital Wallet
Eidoo took out the ad on Wednesday, the same day it launched its digital currency wallet for users of Ethereum, the world’s second-largest cryptocurrency by market cap. The company also plans to launch a debit card allowing people to spend ether and bitcoin.
The WSJ ad, which is a clear PR stunt ahead of the company’s launch, reads: “Maybe Jamie will fire you. But, you’ll be free to trade in the crypto-world.”
J.P. executive Jamie Dimon came under fire last month after declaring bitcoin a fraud. It later came to light that the Wall Street bank is trading bitcoin for clients.
“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed,” Dimon said at a conference hosted Barclays. “Currencies have legal support. It will blow up.”
Dimon’s criticism was ill timed, and not just because his firm was facilitating cryptocurrency transactions. Well-known figures on Wall Street and beyond are starting to embrac blockchain technology. Chief among them is Goldman Sachs, which recently announced that it i considering a bitcoin trading operation.
Morgan Stanley CEO recently said cryptocurrency is “more than just a fad,” but didn’t disclose any plans to launch a trading operation. Like other banks? Morgan Stanley is exploring the potential of blockchain applications.
Cryptocurrency Market Regains Momentum
After a volatile month of September, the cryptocurrency asset class is once again attracting strong bids. The total market cap for all digital currencies is approaching $155 billion, with bitcoin accounting for more than half the total.
Ethereum briefly traded above $310 before paring gains all the way back down to $300 where it currently sits.
Digital currency wallets like Eidoo have grown in popularity as investors look to safeguard their tokens from cyber breaches.