November 28, 2022

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

“Too little demand” for cryptocurrency payments

According to the global head of payments at JPMorgan Chase & Co. The public’s interest in cryptocurrency as a payment channel has dropped dramatically over the past six months, Takis Georgakopoulos. However, he claimed that despite the drop in demand, the bank would 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, let’s say until six months ago. We don’t see much at the moment, but the bank will still support customers who want to use this method.

Crypto Winter Doesn’t Deter Venture Capital

The ongoing crypto winter has been the worst downturn the market has seen in recent years. The market has lost more than $2 trillion in less than a year and many exchanges have seen a steady decline in trading volumes. One of the main reasons behind the decline in trading is the market crash, which led to the downfall of many investors, lending protocols and other related crypto entities. The Terra LUNA disaster in particular led to the destruction of many companies and the loss of billions of dollars in investor money. Where 2021 was an exceptionally good year for cryptocurrencies, with many coins hitting all-time highs, 2022 saw a serious drop in interest among retail investors. However, institutional interest has been somewhat able to withstand a coded winter. Venture capital funds are more interested in the market than ever before, with a record amount of money invested in crypto projects in the year.

JPMorgan’s Web3 Moves

According to Georgakopoulos, the role of crypto in the gaming sector is constantly growing. Whether it is traditional video games or the latest crop of metaverse games powered by blockchain technology, the role of cryptocurrencies and NFTs is becoming more and more valuable in this sector. JP Morgan to support Many of these token assets have proliferated in the gaming field. For example, the foundation has pledged its support to London-based digital asset startup Ownera. She also made moves in the Metaverse by opening a file Onyx Lounge In the virtual Decentraland platform. The organization is even looking to expand its team through Recruit New employee and department manager for Web3.0, Crypto, Fintech and Metaverse. In addition, in May, the company launched the pilot program to employ blockchain technology for Settlement of collateral.

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

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