JP Morgan’s job posts hint at its amplified crypto ambitions

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and happiness from… read more.
on Jun 4, 2021
  • While JP Morgan had a negative stance on crypto, its job posts show a change in sentiment.
  • JPM’s payment processing unit is putting together a team to handle new payment methods.
  • The bank is also searching for a Senior Digital Assets Platform Engineering lead.

American investment bank JP Morgan is searching for individuals that are well-versed with crypto to fill several digital asset crossover positions. The financial giant’s job posts seem to go beyond the requirements of its Onyx blockchain project. Reportedly, the bank has six positions, which have been open since April, giving the impression that JPM is gearing up to make multifaceted entry into the crypto scene.

The blockchain and crypto positions at the bank are spread across multiple jurisdictions, including New Jersey, Illinois, and Hong Kong. While the bank has not yet disclosed what its exact plans are, these hires show that it is gradually having a change of heart, regarding its outlook on crypto. Before posting these job positions, JP Morgan was known for having a negative stance on cryptocurrencies with its CEO, Jamie Dimon, saying they are not his cup of tea.

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Allegedly, Merchant Services, JPM’s payment processing arm, which handles more than $1 trillion (£0.71 trillion annually, is assembling a New Payment Methods team that will research the feasibility of crypto integration.

Putting together a robust team

Per the job post, the vice president of the New Payment Methods team will be tasked with creating and gaining the support of early senior leaders. Additionally, the person that takes on this role will have to execute plans for approaching and signing third-party relationships with the highest impact to come up with strategies for the products in the new payment methods.

JP Morgan is also fishing for two cryptocurrency risk managers to fill corporate compliance positions. The people that secure these positions will help the conglomerate identify, manage, and minimize any crypto-related risks. The job description will also need the officials to understand the current crypto market and regulatory landscapes.

Keen not to be left out by the fast-paced DeFi sector, JPM announced in May that it is looking for a regulatory affairs associate to help keep an eye on the changing directions of digital assets and other technologies in the Asia-Pacific region.

Apart from this, JP Morgan published a job post in May, searching for a Senior Digital Assets Platform Engineering Lead who understands the consensus mechanisms of Ethereum and Bitcoin. A source familiar with the bank’s operations said the role does not focus on a specific project, seeing as the person that occupies it would help bolster the bank’s engineering development team.

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