JPMorgan Chase, the largest bank on Wall Street, is hoping to increase its presence in the cryptocurrency industry. To do so, it is hiring a new business development specialist for its payments division.
In a job posting on LinkedIn for a payments business development manager, the bank—which has provided banking services to cryptocurrency exchange Coinbase—noted that the company is eager to grow its business in merchant banking and treasury services “in the Web3, Crypto, Fintech, & Metaverse industry sub vertical.”
The new employee would work on the West Coast for the bank’s technology, media, and telecom payments team.
JPMorgan signed up Coinbase and Gemini as its initial customers for crypto exchanges
More recently, the company declared in February 2022 that it has established a branch in the metaverse Decentraland, which is funded by DCG.
According to the job description, the newly hired person would be in charge of finding new corporate clients for a variety of payment products, such as transactional FX, liquidity and treasury services, and escrow.
“There is no industry playbook for these segments. This individual must be comfortable paving a path, creating frameworks, and working with extremely fast moving companies amongst ambiguity” the bank said.
“These segments require increased technical knowledge around software that do not fit into the traditional training of front-office financial professionals.”
Wall Street powerhouse Citigroup was looking to appoint a worldwide head of digital asset risk management, indicating its own strategic drive toward crypto services.
The Investment Solutions Product Development team at Morgan Stanley Wealth Management, which is in charge of supporting more than $900 billion in assets under management, was looking for a product development manager in August.
As previously remarked by Bitwise CEO Hunter Horsley, such job postings don’t always indicate that banks are advancing into new crypto prospects at a dizzying rate.
“Hiring a mid-level person to work on something like this doesn’t guarantee a product comes to market” said Horsley.
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