JPMorgan Is Looking To Hire People With Knowledge Of Bitcoin Scaling Technology
JP Morgan is no stranger to bitcoin and blockchain technology. In fact, earlier this year they had launched JPM Coin. On February 14, the bank announced that it will become the first US lender to create and successfully test a digital coin representing a fiat currency. The coin will use blockchain-based technology to enable payment transfers between institutional accounts within the bank, primarily in order to improve settlement efficiency.
Despite expressing downright disdain for bitcoin on several occasions in the past, it would appear that Jamie Dimon has had a major change of heart for digital currencies. JPM Coin marks a clear turnaround for Dimon, who once went so far as to call bitcoin a scam and voiced support for more regulation against the crypto-space.
Most people do not believe that JPM Coin to be a serious competitor to bitcoin, as it is private and will mostly be used for the internal transaction. Dimon also knows that, so we can see the shift from his earlier “Blockchain, not Bitcoin” mantra. There is a job posting on Linkedin looking for a developer at the director level with knowledge and experience in bitcoin scaling technology solutions such as Lightning network.
A spokesperson for the company said to the Block crypto:
“It would be completely inaccurate to say or report that we are possibly exploring or considering doing any work with bitcoin or other public cryptocurrencies. We are not – I hope I’m being totally clear.”
Given below are some of the requirements for the position of Director of Blockchain:
Collaborate with CTO, blockchain engineers and undertake R&D projects to create novel hybrid solutions to solve problems while maintaining a high level of performance
Hands-on experience with engineering blockchain codebase, whether proprietary (e.g., Chain) or open source (e.g., Ethereum, Hyperledger, Corda).
Experience and understanding of transaction scripting and smart contracts, especially Bitcoin-style conditionalized transactions
Experience and understanding of major consensus protocols, asymmetric encryption, Merkle trees, hash functions, key-value database
Understanding of key areas of Blockchain research including data privacy, confidential transactions, side chains, and pegging, sharding, lightning, and other scaling methodologies.
Even though there is a buzz around blockchain technology, people qualified to hold such a big position at a massive financial institution like JPMorgan is very small. This move for hiring surely looks like they are playing safe with Bitcoin and do not want to lose out on any opportunities.