Renowned financial services company – JPMorgan Chase & Co. – revealed that its clientele has drastically dropped their interest in using cryptocurrencies as a payment medium in the past few months. However, the organization assured users that it will still support consumers who want to continue using digital assets as a means of payment.
The ongoing crypto winter has negatively affected people’s interest in digital assets. Back then, Bitcoin’s price was hovering around the $40,000 range, while Ethereum and many other altcoins were also performing much better than they are doing now. By the middle of 2022, the global macroeconomic environment drastically changed and that might have vaporized much of peoples’ interest in cryptocurrencies and the asset class.
Some of the negative events include Russia’s invasion of Ukraine, the 40-year record inflation rate hike in the USA, the energy crisis in the European Union and others. In spite of the diminishing interest in the asset class, Takis Georgakopoulos – Global Head of Payments at JPMorgan – assured users that JPMorgan will still provide clients with cryptocurrency services. The Wall Street financial service giant believes the asset class has a place in the world’s future monetary system.
The Metaverse also seems to be a highly intriguing niche for JPMorgan. Earlier this month, the firm revealed it wants to hire a curious and dynamic leader saddled with the responsibilities of identifying and winning new payments opportunities in the Web 3, Crypto, Fintech, & Metaverse industry ecosystem tech-savvy professionals with previous experience/history in the financial sector stand a greater chance of landing the position.
Prior to this announcement, the Wall Street financial service giant released a report titled “Opportunities in the Metaverse”. I’m this report, JP Morgan predicted that the virtual reality universe could infiltrate every sector in the future and turn into a trillion-dollar market cutting across all divides on every nation in the planet.
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