JP Morgan To Render Crypto Services Despite The Bear Run

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JPMorgan & Co. is one of the leading financial services institutions globally, including crypto. Its assets and worldwide operations are worth more than $2.6 trillion. The company has a rich history going back more than 200 years.

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JP Morgan is committed to providing commercial banking, financial services, investment banking and more for small businesses and customers. It also provides asset management and financial transaction processing.

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The company shared some recent incidents among its customers. This showed that many people are withdrawing from using digital currencies as a means of payment. according to companyThis new action from its customers has been going on for the past few months.

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The primary reason for the drop in interest is the current bear market in the digital currency industry.

Impact on the crypto market and JP Morgan

Several adverse events are the main reason for the current bearish market. Some of these are 40 year record inflation rate in US, Ukraine conflict, EU energy crisis etc.

This bearish crypto market negatively affects investors and traders in many crypto financial firms. An example of these companies is JPMorgan Chase. Takis Georgekopoulos said that the company’s customers were looking forward to using cryptocurrencies as a means of payment six months from now.

Georgekopoulos is the Global Head of Payments at JPMorgan Chase & Co. In a recent interview with Bloomberg, he said that the loss of customer interest was seen in the heat of the bear market.

At the time, BTC was trading around $40K. Other digital currencies including Ether were also performing well in comparison to the current form of the market.

    JPMorgan To Provide Crypto Services Despite Bear Run
The price of bitcoin is $19,000 l. remains below BTCUSDT on TradingView.com

The start of the crypto winter in mid-2022 marked a significant change in the global macroeconomic environment. This became the major reason for the decline in the cryptocurrency interest of the company’s customers.

Georgkopoulos encouraged other clients by saying that the company will continue to offer its crypto services regardless of the current market situation. Other companies like Wall Street still believe that digital tokens are still the future of the world’s financial system. Furthermore, these tokens are already gaining popularity in the metaverse and gaming sectors.

Metaverse and JPMorgan Chase

Participants in the Metaverse 3D virtual reality space can communicate with themselves using digital objects. This location appears to be a good location for JPMorgan to expand its financial services.

The company is already planning to achieve these objectives. It seeks to hire a leader to identify and capture greater payment opportunities in the Metaverse, Crypto and Web3 sub-verticals.

The bank also requires tech-savvy individuals and financial experts to work out the possible tasks to achieve its target.

Featured image from Pixabay, Chart: TradingView.com



Credit : www.newsbtc.com

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