JPMorgan Sees Dip In Demand For Crypto Services
Despite the low interest in the crypto market at the moment, the banking giant has announced that it will continue to offer crypto services.
‘Very Low 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, he claimed that despite the slowdown in demand, the bank will continue to provide these services as usual.
In an interview with Bloomberg on Tuesday, Georgekopoulos said,
“We saw a lot of demand for our clients, let’s say six months ago. We see very few now but the bank will still support clients who want to use that method.
Crypto Winter is not deterring VC
The ongoing crypto winter is the worst market downturn seen in recent years. The market has lost $2 trillion in less than a year, and trading volume has steadily declined on many exchanges. One of the main reasons behind the trading drop off is the market crash, which drove away many investors, lending protocols and other related crypto entities. The Terra LUNA debacle in particular has thrown multiple companies and billions of dollars in investor funding. While 2021 was an exceptionally good year for crypto, with many coins reaching stunning all-time highs, 2022 saw a serious decline in interest among individual investors. However, institutional interest has somewhat managed to carry through the crypto winter. Venture capital funds are more interested in the market than ever, with a record amount of funds invested in crypto projects over the year.
JPMorgan’s Web3 Move
According to Georgakopoulos, the role of crypto in the gaming sector continues to grow. Whether traditional video games or the new crop of blockchain-powered metaverse games, the role of cryptocurrencies and NFTs is becoming more and more valuable to this sector. JPMorgan Hall support Many such tokenized assets have expanded into the gaming space. For example, the firm has pledged its support to London-based digital asset startup Malik. It also stepped into the metaverse by opening up Onyx Lounge Decentraland on virtual platform. The company is even looking to expand its team recruitment New staff and managers for its Web3.0, Crypto, Fintech and Metaverse divisions. Additionally, in May the company launched a pilot to employ blockchain technology Collateral settlement.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.