EDITOR NOTE: It appears like a forward-leaning effort to innovate, to get ahead of the pack. But perhaps it’s more like a struggle for survival, a fight for relevance, succumbing to a form of technology both evolutionary and diabolical. JPMorgan has added 56 blockchain-related positions in preparation for the JPM coin, outpacing Bank of New York Mellon’s four, and Goldman Sachs and Morgan Stanley’s two positions (each). Digital currency is the future of digital banking. This space has blown up, first with privately-issued cryptocurrencies, next with central banks trying to eliminate the threat of private cryptocurrencies, and finally, non-bank corporations (think Walmart and Facebook) that are looking to compete directly with legacy banks in the loan space. The strategies employed and outcomes produced in this new arena are largely unknowable as the technology itself is still in its infancy. But in the end, it’s about the dominance and control of transactions and consumer data. For central banks, it’s about attaining absolute control over currency and the economy as a whole--the entire monetary environment that cuts deep into your transactional habits, financial data privacy, and your personal economic decisions.
What Happened: Wall Street giant JPMorgan Chase & Co. (NYSE:JPM) has amped up its recruitment for blockchain-related jobs amidst the ongoing crypto boom.
According to the company’s website, JPMorgan has 56 open blockchain-related positions – a number that exceeds most firms in the space.
A vast majority of the job openings were for the blockchain developers based in Bangalore and Singapore, which is likely related to the Onyx division that the bank launched last year.
Onyx was launched in October 2020 to oversee the development of JP Morgan’s wholesale payments token, JPM Coin.
Why It Matters: According to reports from a crypto publication Fintech Zoom, Onyx was initially created with around 100 employees as a business unit that would explore blockchain technology becoming commercially viable.
“We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business,” the executive said at the time.
JPM coin was designed to speed up transactions related to interbank transactions and bond payments. The token was built on Quorum, a private Ethereum-based blockchain development by JPMorgan, later acquired by Ethereum’s main blockchain developer Consensys.
The new job listings might suggest a renewed focus on JPM Coin and blockchain development functions across the bank’s network.
What Else: JPMorgan’s blockchain recruitment far outpaces several other wall street giants that have announced their entry into crypto recently.
Bank of New York Mellon Corp (NYSE:BK) that recently announced crypto custody had four open blockchain positions, while Goldman Sachs Group Inc (NYSE:GS) and Morgan Stanley (NYSE:MS) each had two.
Originally posted on Fintech Zoom