Wall Street giant JPMorgan makes further push into crypto, advertising a new senior Web3-focused position.
The new position will require forging a new path, creating new frameworks, and working rapidly in the presence of ambiguity. The individual must focus on understanding clientsā payment needs in the Web3, Crypto, Fintech, and Metaverse space. They will also need to help the bank to understand the competitive payments landscape and how to position JPMorganās payments department to compete.
ThisĀ appointmentĀ comes as the Wall Street bank seeks to position itself as a player in institutional-gradeĀ DeFiĀ by tokenizing traditional financial instruments to be used as collateral in decentralized finance pools. As a case in point, JPMorgan partnered with Singaporeās DBS Bank and Marketnode earlier this year to test the use of tokenized bonds and deposits in permissionedĀ DeFiĀ liquidity pools.
TheĀ tokenizationĀ process imposes strict Know-Your-Customer rules on DeFiās pools.
In May this year, the bankĀ pioneeredĀ a blockchain collateral settlement system, receiving tokenized money market fund shares from asset manager BlackRock Inc. on a private blockchain, the Onyx Digital Assets platform. The collateral is settled in-house using the bankās native digital asset JPM Coin.
Bank looks to bring traditional assets into crypto space
According toĀ LinkedIn, JPMorganās new crypto position has received 46 applicants, most of whom possess at least a Bachelorās degree. In addition to five or more years of financial services experience, applicants need to have a deep interest in crypto and a desire to upskill in the field. With crypto and Web3 being a relatively new subvertical in the bankās 200-plus year existence, no explicit crypto qualification is needed. Applicants with experience in the software-as-a-service, semiconductor, or financial technology industries will be favored.
The bank is going after Web 3 from different angles, all focused on bringing core banking principles and products into the Web3 ecosystem. It wants to bring the speed and convenience of blockchain technology to bear on traditional financial products and services.
It recentlyĀ splurged $12 billionĀ on aĀ virtual bank branchĀ inĀ Decentralandās metaverse earlier this year, seeing a future where a metaverse real estate market could flourish with all the associated financial instruments, including credit, mortgage, and rental contracts.
By the end of Dec. 2021, the average price of a piece of virtual land had doubled from $6,000 in June 2021 to $12,000, according to the bankāsĀ metaverse report.
Recently, DBSĀ purchasedĀ a LAND NFT inĀ the SandboxĀ to be the start of an online community that promotes the bankās sustainability goals.
Universities offering crypto-related courses
Job postings for crypto-related jobs have boomed in 2022. In May this year, LinkedInĀ reportedĀ that advertisements for crypto-related jobs spiked by 73%.
In response, at least ten tertiary institutions are offering blockchain and cryptocurrency-relatedĀ courses, some of which focus on technological aspects. In contrast, others are geared towards management professionals. Institutions providing the courses include The Royal Melbourne Institute of Technology, University of California Berkeley, University of Zurich, the Massachusetts Institute of Technology, Hong Kong Polytechnic University, University College London, Tsinghua University, Chinese University of Hong Kong, Stanford University, and the University of Oxford.
Notably, Hong Kong Polytechnic is one of few to offer a postgraduate qualification.
