MarketWatch photo illustration/Getty Images
While some critics continue to question whether cryptocurrencies are a powerful financial instrument, investment firms are focusing their efforts on becoming more professional on the topic. American megabank JPMorgan is starting to hire more blockchain talent to develop in this direction and to provide its clients with the opportunity to invest in cryptocurrencies.
JPMorgan, a major US investment bank, is expanding its scope and opening up large-scale hiring of blockchain professionals. The firm has listed several job openings to continue its global blockchain development efforts, including job postings targeting blockchain-focused software developers, engineers, marketers, and auditors, according to Cointelegraph. Many of the new blockchain-related job postings have been posted in the past few days.
Professionals are recruited to several JPMorgan subsidiaries around the world, including the United States, Singapore, India, Hong Kong, the United Kingdom, and other countries. In the US alone, the company has posted more than 30 such jobs over the past seven days.
A number of applications specifically target talent for JPMorgan’s digital currency-focused Onyx division, as well as Liink, the company’s proprietary blockchain-based interbank data network. Launched last October, Onyx is focused on JPMorgan Chase’s in-house stablecoin known as JPM Coin.
New job postings came shortly after JPMorgan analysts forecasted that Ethereum's upcoming Proof-of-Work (PoW) to Proof-of-Stake (PoS) transition would drive the global adoption of cryptocurrency betting returns, potentially triggering a surge in payouts of up to $40 billion by 2025. The bank's analysts also believe that Bitcoin has the potential to emerge as a compelling alternative to gold and surpass the $140,000 price mark in the long term.
J.P. Morgan's head of wealth management, Mary Callahan Erdoes, has said clients are increasingly viewing Bitcoin as an asset class to invest in. Speaking to Bloomberg, she noted that the banking giant’s goal is to guide clients to put their money where they need it while maintaining that venturing into cryptocurrency is a personal choice, Finbold reports. “A lot of our clients say that’s an asset class, and I want to invest, and our job is to help them put their money where they want to invest,” Erdoes said.
© 2021, Eva Fox. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.