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With the surge of cryptocurrency enthusiasts all over the world, it would be an understatement to say that it has gained popularity. The trillion-dollar industry that has grown aggressively over the past couple of years has been considered a sector with extreme potential. With easier and better solutions and approaches to several modern-age problems, blockchain technology as a whole has revolutionized several industries.
Undoubtedly this has been met with much criticism for a long time. Major organizations and financial institutions are yet to recognize these assets as legitimate. However, there have been few exceptions who have been trying to study and embrace the new technology since its inception.
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Among these exceptions, one of the most influential finance-based giants which have shown support for the cryptocurrency sector is JPMorgan Chase. The wall street giant has historically been one of the few banking organizations to recognize and introduce cryptocurrencies as an investing option.
These efforts are now being furthered by the company, as it has been actively looking for and hiring Web3 talent from across the world.
What is JP Morgan?
Founded officially as the current company in 2000, JP Morgan Chase is currently the largest bank in the U.S; even over the world in terms of market cap. Headquartered in New York, JP Morgan is a multinational financial services holding company and a top investment bank.
Earlier in 2022, the bank had clearly stated its intention of looking at blockchain technology as a solution to simplifying and efficiently managing finance. An executive had also mentioned that JPMorgan had been considering tokenization of U.S treasuries and money market fund shares; which could all potentially serve as collateral in DeFi pools.
As an organization with such a vast experience in the financial sector, JP Morgan has had a strong influence on the country’s economy as well. So, when it expressed the intention of entering the blockchain sector as a key player, several other major financial institutions also followed.
For Hire: A Senior Web3 Focused Position and More
JPMorgan started picking up Web3 talent for its future blockchain investment plans from the start of 2022. However, the current position that was introduced has caused the cryptocurrency industry to look at the sector from a different perspective.
The designation being- Business Development Manager – Vice President, JPMorgan had a clear description of what it was looking for from its candidates. The bank has been looking for someone with more than 4 years of experience in the financial service sales role, which is fortified with a decent understanding and high interest in cryptocurrencies.
The role which is also open for those with a bachelor’s degree didn’t mention any high requirements for cryptocurrency or blockchain knowledge. Instead, it endorsed the capability to be able to coordinate and work with software developers for the same.
According to LinkedIn, more than 65 potentials have already applied, with a majority of the applicants being from a tech, banking or blockchain-based background. This new position introduced by JP Morgan will be vital to the growth of blockchain integration within JP Morgan’s operations.
The appointed senior executive will be responsible for setting up the framework and creating a new pathway for the industry to be embraced by investors. The main requirement will be to understand clients’ payment needs with respect to the industry. These inputs shall then be inculcated within the bank’s payments department, allowing it to be one of the first and top players within the sector.
JP Morgan had previously partnered with top finance-based institutions like the DBS Bank and Marketnode to try out the aforementioned bonds and traditional financial instruments tokenization initiative. This puts JP Morgan as a brand that can be considered the face of institution-grade DeFi.
Since Bitcoin crashed and other altcoins followed, there had been a huge number of employees who were let go from major organizations. This affected a chunk of Web3 professionals who had recently entered the sector. However, such a move from JP Morgan surely has come as a source of relief for many, since this might mean further openings in the future.
How This Move May Affect the Industry?
JP Morgan is clearly one of the biggest financial players in the world, with more than 135,000 corporations, financial institutions, public sector-based agencies and non-government clients in over 180 countries around the world. Its active involvement within the cryptocurrency domain is assured to catch the attention of institutional investors or other impactful personalities within the finance space.
With the bear market still running its tenure, JP Morgan’s move to emphasize the utility provided by the blockchain has been appreciated by the cryptocurrency community across several social media channels as well.
While a major difference in cryptocurrency prices has not been seen yet, such developments are speculated to further the adoption and popularity of these digital assets eventually. After some countries’ move to make BTC its legal tender and now organizations like JP Morgan aggressively participating as well, the sector is clearly booming, despite the bear market.
At the time of writing, the total market cap of the entire industry is at around $992 billion, while the frontrunner cryptocurrency BTC is trading at about $20,000 with a market cap of around $386 billion.
Your Capital is at Risk.
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