September 24, 2022

Despite the current low interest in the crypto market, the banking giant has announced that it will continue to provide crypto services.

‘Very little demand’ for crypto payments

According to Takis Georgakopoulos, global head of payments at JPMorgan Chase & Co., public interest in cryptocurrencies as a payment channel has declined significantly over the past six months. However, it claims that despite the drop in demand, the bank will continue to provide these services as usual.

In an interview with Bloomberg on Tuesday, Georgakopoulos said:

“We saw a lot of demand from our customers, say up until six months ago. We’re seeing very little at the moment, but the bank will continue to support customers who want to use that method.

Crypto winter does not deter VCs

The ongoing crypto winter has been the worst market crash in years. The market has lost over $2 trillion in less than a year and many exchanges have seen a steady decline in trading volume. The main reason for the trading decline is the market crash, which brought down many investors, lending protocols and other related crypto entities. The Terra LUNA debacle in particular brought down multiple companies and lost billions of dollars in investor funds. Where 2021 was an extremely good year for cryptocurrencies, with many coins reaching dazzling all-time highs, 2022 saw a serious decline in interest among individual investors. However, institutional interest has somewhat managed to weather the crypto winter. Venture capital funds are more interested in the market than ever, with a record amount of funds invested in crypto projects in the year.

JPMorgan’s Web3 Moves

According to Georgakopoulos, the role of cryptocurrencies in the gaming sector is continuously growing. Whether it’s traditional video games or the newer variant of the blockchain-powered gaming metaverse, the role of cryptocurrencies and NFTs is becoming increasingly invaluable to the sector. JPMorgan is support many such tokenized assets have proliferated in the gaming space. For example, the institution has pledged its support to London-based digital asset startup Owner. He also made moves in the Metaverse by opening it up Onyx lounge in the Decentraland virtual platform. The organization is even looking to expand its team hiring new staff and manager for the Web3.0, Crypto, Fintech and Metaverse department. In addition, in May, the company launched a pilot for the use of blockchain technology collateral settlement.

Disclaimer: This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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