According to an executive at JPMorgan Chase, customer demand for crypto payments has decreased significantly in the last 6 months.
Takis Georgakopoulos, head of global payments at JPMorgan Chase & Co., said in an interview with Bloomberg Television that users are moving away from the idea of paying with crypto. Despite this, however, Georgakopoulos continues to see digital currencies as an alternative payment method.
Interest for Crypto Payments Has Dipped For Now
According to data from CoinGecko, the price of Bitcoin has lost more than 50 percent in the last 6 months. The recession in the market seems to have reduced the interest in paying with cryptocurrencies. Takis Georgakopoulos, head of global payments at JPMorgan Chase & Co., said in an interview:
“When it comes to crypto as a payment method, there was a lot of demand for our customers until six months ago. At the moment, we see that there is little interest.”
On the other hand, JPMorgan continues to support customers who want to use cryptocurrencies as a payment method. Georgakopoulos pointed out that they avoid the main risk on assets. He stated that for now, the assets are limited to a niche use.
Georgakopoulos also said that JPMorgan still invests in cryptocurrency projects and monitors the development of central bank digital currencies (CBDCs).
JPMorgan continues to work on the Onyx blockchain network, which allows working with digital currencies or CBDCs in the coming years.
One of the first banks to enter the cryptocurrency space, JPMorgan recently gained attention as a backer of the digital asset startup Ownera. The company also tried using a blockchain network for collateral payments in May.
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