JPMorgan Chase govt says crypto utilization for funds lowering


– Advertisement –

Speaking in an interview with Bloomberg Television on Tuesday, JPMorgan Chase & Co.’s world head of funds Takis Georgakopoulos mentioned that demand for cryptocurrencies as a cost methodology has seen a drastic decline prior to now six months.

– Advertisement –

See associated article: JPMorgan, LRC guess on blockchain startup Ownera in US$20 mln Series A

– Advertisement –

Fast information“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,” mentioned Georgakopoulos. “We see very little right now.” The value of Bitcoin is down over 55% over the previous six months based on information from CoinGecko, While the financial institution remains to be supporting shoppers who need to use cryptocurrencies as a cost methodology, Georgakopoulos mentioned they’re avoiding principal danger on the property and that they continue to be “a niche use case, at least for now.” Still, Georgakopoulos mentioned 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.” Some benefits embody the asset’s skill to trade info, and its safety and privateness, he added. This is why Georgakopoulos says JP Morgan remains to be investing in cryptocurrency tasks and watching the event of central financial institution digital currencies (CBDCs). He notes that the financial institution is constructing its personal blockchain community, Onyx, that enables them to work with fiat currencies in addition to digital currencies or CBDCs as they evolve sooner or later. JPMorgan was one of many first banks to maneuver into the cryptocurrency house and it lately grew to become one of many key backers of London-based digital-asset startup Ownera, and in May experimented with utilizing blockchain for collateral settlements.

See associated article: Most crypto “still junk”, JPMorgan’s blockchain lead claims

– Advertisement –

Source

– Advertisement –



Source link

Comments are closed.