JPMorgan notes the decline in the use of cryptocurrencies for payments

In this, the holding company will continue to support projects in the field of digital assets and develop blockchain technologies

21.09.2022 - 09:00

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What’s new? Takis Georgakopoulos, global head of payments at JPMorgan, a financial holding company, said that customer demand for cryptocurrencies as a means of payment has declined sharply over the past six months. He said this in an interview for Bloomberg TV.

The full version of the interview

What other statements have been made? According to Georgakopoulos, the bank still supports customers who want to pay in cryptocurrencies, but for now, it remains “a niche use case.” However, going forward, JPMorgan is looking at digital currencies as an alternative payment method that has a number of advantages, such as the ability to exchange information, security, and privacy.

The holding company continues to invest in crypto projects and is following the development of central bank digital currencies (CBDCs), as well as developing its own Onyx blockchain to work with fiat currencies and CBDCs.

In September, JPMorgan hired former Microsoft executive Tahreem Kampton as a senior payments executive. He will work “with key partners in payments, blockchain and the digital ecosystem.”

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