JPMorgan, a major financial institution, is increasing its support for cryptocurrencies by creating a senior position devoted to Web3. The new role calls for bold action, the development of novel frameworks, and the ability to think and act swiftly in the face of uncertainty.
The individual’s primary objective should be to learn about the various payment options available to customers in the Web3, Fintech, Crypto, and Metaverse industries. They’ll also need to advise JPMorgan on placing its payments division to succeed in a crowded market.
JPMorgan Works to Establish Itself as a Major Player
The position comes as Wall Street bank works to establish itself as a major player in the institutional DeFi market by tokenizing conventional financial instruments for use as collateral in distributed funding mechanisms. For instance, earlier this year, JPMorgan tried out bonds and tokenized deposits in approved DeFi liquidity pools in conjunction with Singapore’s DBS Bank and Marketnode.
Tokenization requires DeFi pools to adhere to stringent Know-Your-Customer regulations. The bank received tokenized money market fund shares from asset management BlackRock Inc. on a private blockchain, the Onyx Digital Assets platform, in May of this year. It’s making it a pioneer in the blockchain collateral settlement system.
JPM Coin, the bank’s native digital asset, is used to settle collateral internally.
JPMorgan Receives Overwhelming Response on LinkedIn
It has been reported on LinkedIn that 46 people have applied for the new crypto post at JPMorgan, and the vast majority have bachelor’s degrees or above. A passion for crypto and a drive to learn more about the industry are just as important as five years of expertise in the financial services industry.
The bank has been around for almost 200 years; thus, there is no need for special crypto qualifications, as crypto and Web3 are still relatively new industries. In addition, candidates with prior work experience in the SaaS, semiconductor, or financial technology sectors will be given preference.
JPMorgan to Bring Traditional Banking Assets to Crypto
The bank is taking a multipronged approach to Web 3, aiming to bring traditional banking services and products onto the platform. With blockchain technology, it hopes to streamline the banking industry. In anticipation of a future when a real estate market of Metaverse may thrive with all related financial instruments, including mortgage, credit, and rental,
JPMorgan spent $12 billion on a virtual bank branch in Decentraland’s Metaverse earlier this year. According to the bank’s Metaverse study, the approximate price of virtual land increased from $6,000 in June 2021 to $12,000. To help spread the word about the bank’s commitment to environmental responsibility, DBS recently bought a LAND NFT in the Sandbox.
In 2022, there was a massive increase in job ads for crypto-related positions. In addition, LinkedIn said employment opportunities in the cryptocurrency industry had a 73% spike in May.
As a result, blockchain and cryptocurrency-related classes are already offered at ten universities, some of which are more technical. Others, however, are written specifically for managers.
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