Despite the Bear Market, JPMorgan Will Keep Providing Crypto Services

Leading financial services firm JPMorgan Chase & Co. has revealed that its clients have significantly reduced their interest in using cryptocurrencies as a payment method over the past few months.

However, the organization assured that it will still support consumers who want to use digital assets as a means of payment.

not so popular anymore

The ongoing crypto winter appears to have affected interest in the asset class.in the most recent interview Takis Georgakopoulos, head of global payments at JPMorgan, told Bloomberg that six months ago customers were more inclined to use cryptocurrencies as payment instruments:

“Let’s say we didn’t see a lot of demand from customers until six months ago. We’re seeing very little now.”

Notably, Bitcoin was hovering around $40,000 at the time, while Ether and many other altcoins were faring much better than they are now. However, by mid-2022, the global macroeconomic environment has changed dramatically, which may have evaporated some interest in cryptocurrencies.

Such negative events include the military conflict in Ukraine, 40 years of record inflation in the United States, the energy crisis in the European Union, and more.

Despite the reduced excitement, Georgakopoulos assured that JPMorgan will still offer cryptocurrency services to clients. The Wall Street giant believes such tokens could find a place in the monetary system of the future. Furthermore, the executive concluded that they are gaining popularity in the gaming space and Metaverse.

High hopes for the metaverse

Metaverse—a 3D virtual reality space where participants can interact with digital objects—seems to be a very interesting niche for JPMorgan.

Earlier this month, the company revealed that it was looking to hire a “curious and dynamic” leader whose primary role is to “identify and win new players in the disruption of the Web 3, crypto, fintech and Metaverse industries. Payment opportunities.” Tech-savvy individuals with experience in the financial sector would be “strongly preferred.”

Before that, the Wall Street giant released a report titled “Opportunities in the Metaverse,” predicting that the virtual reality world could infiltrate various fields and become a trillion-dollar market in the future.