JPMorgan Chase sees decrease in crypto payments

American multinational investment bank JPMorgan Chase head of global payments Takis Georgakopoulos has said that crypto payments are rapidly decreasing.

Georgakopoulos claimed the demand for cryptocurrencies as a means of payment has declined drastically over the past six months.

“When it comes to crypto as a payment method, we have a lot of demand for our clients, let’s say up until six months ago… We see very little right now”, he said.

Regardless of the decrease, the financial services holding company still supports clients who wish to continue using cryptocurrencies as payment.

Although JP Morgan sees digital currencies “as an alternative payment in the future that has some inherent advantages and also some issues compared to traditional payment methods”, Georgakopoulos said the bank is trying to avoid any principle risks on customers’ assets and “for now” they remain “a niche use case”.

JP Morgan continues to support cryptocurrency projects and is keeping a close eye on the development of central bank digital currencies (CBDCs).

The bank is still building its blockchain network named Onyx which enables the use of fiat and digital currencies (CBDCs) as they evolve in the economy, according to Georgakopoulos.

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Updated: 09/21/2022 — 10:00