JPMorgan Chase executive reports decline in crypto payments
The global head of payments at JPMorgan Chase & Co., Takis Georgakopoulos, said the demand for cryptocurrencies as payment methods has fallen dramatically in the last six months.
Fast facts
- The use of crypto payment methods is in high demand among our clients.
- While the bank continues to assist clients who wish to use cryptocurrencies as a payment method, Georgakopoulos stated that the assets remain “a niche use case, at least for the time being.”
- However, Georgakopoulos said that JP Morgan views digital currencies as a payment alternative in the future that has some inherent advantages, but also some drawbacks compared to traditional methods of payment. He added that the asset is capable of exchanging information and that it is secure and private.
- Georgakopoulos says JP Morgan is still investing in cryptocurrency projects and watching central bank digital currencies develop.
- JPMorgan was one of the first banks to enter the cryptocurrency space, and it recently became a key backer of the London-based digital-asset startup Ownera, and it experimented with using blockchain for collateral settlements in May.
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