JPMorgan has declared that it will keep offering crypto services despite the current lack of interest in the cryptocurrency industry.
Takis Georgakopoulos, Global Head of Payments at JPMorgan Chase & Co., claims that over the past six months, public interest in cryptocurrency as a payment method has dramatically decreased. He has stated, however, that the bank will carry on offering these services as usual despite the decline in demand.
Georgakopoulos spoke with Bloomberg on Tuesday and said,
“We saw a lot of demand for our clients, let’s say up until six months ago. We see very little right now but the bank will still support clients who want to use that method.
VCs not deterred by the crypto winter
The current crypto winter is the worst market slump in recent memory. In less than a year, the market lost more than $2 trillion, and trading volumes on many exchanges decreased steadily.
The market meltdown, which destroyed many investors, lending protocols, and other linked crypto businesses, is a major factor in the decline in trade. Numerous businesses were destroyed, and billions of dollars of investor money were lost, by the Terra LUNA scandal in particular.
While 2021 had been a very strong year for cryptocurrencies, with many coins reaching stunning all-time highs, 2022 has witnessed a significant decline in investor interest. Institutional interest has, nevertheless, managed to survive the crypto winter to some extent. With a record sum of money spent in cryptocurrency ventures this year, venture capital funds are more interested than ever in the field.
Web3 Movements at JPMorgan
Georgakopoulos asserts that the use of cryptocurrency in the gaming industry is steadily expanding. Whether it be classic video games or the more recent crop of blockchain-powered metaverse games, the value of cryptocurrencies and NFTs to this industry is only increasing.
Many of these tokenized assets, which have grown in the gambling industry, are backed by JPMorgan. For instance, the organization has vowed to promote London-based Ownera, a business that deals in digital assets. Through the establishment of the Onyx lounge on the Decentraland virtual platform, it has also made progress in the Metaverse.
Even now, the company is trying to grow by adding additional employees and a division manager for Web3.0, Crypto, Fintech, and Metaverse. Additionally, the business started a trial program in May to use blockchain technology for collateral settlement.
