The CEO of WePay, the payments arm of JP Morgan Chase, Bill Clerico, told Bloomberg in an interview that despite the fact that the company is client-oriented, there are still not enough requests for WePay to start supporting transactions with cryptocurrencies.
Clerico, who was giving his comments in a phone interview, went on to add that “crypto is very interesting”, but no one has yet figured out a “killer use-case”.
Interestingly, JP Morgan has been divided on the issue of cryptocurrencies, where their CEO, Jamie Dimon has been vocally against Bitcoin, calling it a scam, while the bank’s CFO, Marianne Lake, has presented an open-minded approach.
The fact of the matter is that other high profile payments firms, including Square, allow customers to buy Bitcoin. On the other side of the fence are PayPal and Affirm. The two prominent financial companies somewhat agree with Clerico and believe that there is no demand for cryptocurrency transactions from their clients yet.
“If consumer demand increases for any new form of currency, we will consider support for those new payment methods as they become relevant to our customers over time,” PayPal spokeswoman Amanda Christine Miller told Bloomberg in an email in 2017.
If and when the demand for cryptocurrencies grows to an extent that even established companies have to offer crypto solutions, it would be interesting to see how these services, which are largely in direct competition to Bitcoin and decentralized currencies, react to the market. If history is anything to go by, disruption is usually unstoppable. It can be delayed, but it can’t be avoided, and those who do not move with it, are forgotten in time.