JPMorgan Sees Dip In Demand For Crypto Services
Although there is currently little interest in the crypto market, the banking giant has announced that it will continue to offer crypto services.
‘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 dropped significantly over the past six months. However, he claimed that the bank would continue to provide these services as usual despite the sluggish demand.
In an interview with Bloomberg on Tuesday, Georgakopoulos said,
“Until six months ago, we saw a lot of demand from customers. We see very little now, but the bank will still support customers who want to use this approach.
Crypto winter hasn’t stopped VCs
The ongoing crypto winter is the worst market downturn in recent years. The market has lost more than $2 trillion in less than a year, and trading volumes have steadily declined on many exchanges. A major reason for the drop in trading volume was the market crash that brought many investors, lending agreements and other related crypto entities out of business. The Terra LUNA debacle, in particular, brought multiple companies out of business and lost billions of dollars in investor funds. 2021 has been a very good year for cryptocurrencies, with many coins hitting dizzying all-time highs, while 2022 saw a serious drop in interest from individual investors. Institutional interests, however, have been able to withstand the crypto winter to some extent. Venture capital funds are showing more interest in the market than ever, with a record amount of money invested in crypto projects this year.
JPMorgan’s Web3 Trends
According to Georgakopoulos, the role of encryption in the gaming space is increasing. Whether it’s traditional video games or a new generation of blockchain-powered Metaverse games, the role of cryptocurrencies and NFTs is becoming increasingly invaluable to the field.JPMorgan is backing Many of these tokenized assets are proliferating in the gaming space. For example, the agency has pledged to support London-based digital asset startup Ownera.It also opens Onyx Lounge In the Decentraland Virtual Platform.The organization is even looking to expand its team by Recruitment New staff and managers in the Web3.0, Crypto, Fintech and Metaverse divisions.Additionally, the company launched a pilot in May to use blockchain technology for Collateral settlement.
Disclaimer: This article is for informational purposes only. It is not intended or intended to be used as legal, tax, investment, financial or other advice.