JPMorgan Chase JPM is on the hunt for someone who can help the banking behemoth navigate a “sea of technological change.”
What Happened: That's according to the New York-based company's recent post on LinkedIn, which states that it is looking to hire a new vice president that specializes in niche technology, including Web3, cryptocurrency, fintech, and the metaverse.
“Specifically, this individual will lead proactive prospect and client engagement, collaborate with multiple internal partners, and develop solutions to meet strategic and complex needs of our corporate clients,” the job posting states.
The candidate is expected to examine clients' operational structures and comprehend the clients' "cryptocurrency ambitions in addition to identifying and winning new payment possibilities."
Other important responsibilities include always being accessible to users, making sure they understand all regulatory obligations, and keeping up with the competitors.
Why It Matters: JPMorgan’s push into the digital asset sector comes as a surprise given that CEO Jamie Dimon has been a vocal opponent of Bitcoin.
He reaffirmed his view in October 2021, asserting that BTC is the "fool's gold of the future" and that it lacks "intrinsic value," and as a result, he anticipates that financial watchdogs would impose severe rules on it.
The VP search also comes just months after JPMorgan's global head of metaverse, Christine Moy, exited her role. The 18-year veteran co-led the 2020 launch of the company's blockchain unit, Onyx, which operates JPM Coin.
At the time, the company touted itself as the first major bank to enter the metaverse.
“The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues,” JPMorgan stated back in February.
Companies "of all shapes and sizes" such as Walmart Inc. WMT, Nike Inc. NKE and Verizon Communications Inc. VZ will enter the metaverse, it proclaimed at the time.
And while transactions in the metaverse are carried out using digital currencies, JPMorgan chief global strategist David Kelly recently advised investors to "steer clear" of "Bitcoin, and crypto in general," citing the market's increased volatility and the possibility of a recession.
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