Takis Georgakopoulos said the crypto bear market has not changed JPMorgan’s approach to the industry.

Speaking in an interview with Bloomberg on Tuesday, JPMorgan Chase & Co.’s global head of payments Takis Georgakopoulos said that demand for cryptocurrencies as a payment method has seen a drastic decline in the past six months. 

“We saw a lot of demand for our clients, let’s say up until six months ago,” Georgakopoulos said “We see very little right now” but the bank will still support clients who want to use that method, he said.

For a couple of months now Cryptocurrencies has been down, and most people have stopped investing in crypto also as a method of payment, we have seen top-profile crypto companies close down because of the downtime.

According to Georgakopoulos, 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 advantages include the asset’s ability to exchange information, and its security and privacy, he added. 

Cryptocurrencies are also becoming “larger and larger” in the gaming sector, Georgakopoulos said. This applies to both traditional gaming and the metaverse, where there are many new opportunities, he said.