JPMorgan Posts Crypto-Related Job Openings Signaling Crypto Ambitions
US bank JPMorgan Chase & Co. seems to be making new plans to enter the cryptocurrency scene. The bank’s recent job openings have led to reports of its growing cryptocurrency ambitions.
JPMorgan’s Blockchain Jobs
Openings for positions like “Cryptocurrency Risk Manager Vice President and Merchant Services-VP, Payments Partnerships (New Payment Methods)” can be seen on JPMorgan’s website.
This is not the firm that JPMorgan has sought to bring in crypto-savvy experts into its firm. In a hiring round in March, JP Morgan listed 34 blockchain job positions on its website.
This was to bolster its Onyx division created last October to work on its self-styled JPM Coin, the bank's digital token.
Another round of hiring saw its search for the services of a cryptocurrency risk manager vice president who will help its compliance, conduct, and operational risk team. The successful candidate is expected to help the team navigate crypto assets' regulatory hurdles alongside help identify, manage, and mitigate risk associated with the volatile asset class.
Jamie Dimon Not Friends With Bitcoin
JPMorgan has not been this open to cryptocurrencies even though it has silently been working on blockchain technology for some time now.
The company CEO Jamie Dimon is a well-known critic of premier digital asset Bitcoin and is quoted as saying he is not looking at investing in cryptocurrencies despite growing adoption.
Dimon has also called for more regulatory clarity surrounding the asset class noting in his April shareholder letter that the crypto market needs to be regulated alongside other thorny areas like shadow banking.
However, he has acknowledged the role blockchain would inevitably play in the financial system, saying that the nascent technology would enable cheaper cross-border settlements.
Fellow investment bank Goldman Sachs is also going all out in the crypto scene. In an announcement, the financial giant said it would offer crypto services to its wealthy clients.
The crypto frenzy is rapidly catching on as state-backed Bank of New York (BNY) Mellon is also making big moves in the crypto space, setting up a crypto unit in Ireland and investing in crypto storage company Fireblocks.