JPMorgan Chase – JPMorgan Adds 56 Blockchain-Related Jobs With Renewed Focus On JPM Coin | Fintech Zoom

JPMorgan Chase – JPMorgan adds 56 blockchain-related jobs with a new focus on JPM coins

What happened: Wall Street giant JPMorgan Chase & Co. (NYSE: JPM) has stepped up its recruitment for blockchain-related jobs amid the ongoing crypto boom.

According to the company’s website, JPMorgan has 56 open blockchain positions – a number that surpasses most companies in the space.

The vast majority of the vacancies were for blockchain developers in Bangalore and Singapore, which is likely related to the Onyx division the bank launched last year.

Onyx was launched in October 2020 to oversee the development of JP Morgan’s wholesale payment marker JPM Coin.

Why it matters: According to reports from a crypto publication Fintech Zoom, Onyx was originally founded as a division with around 100 employees to research blockchain technology that is becoming commercially viable.

“We are introducing Onyx because we believe we are entering a phase of commercialization of these technologies and moving from research and development to something that can become real business,” said the then CEO.

JPM coins are designed to expedite transactions related to interbank transactions and bond payments. The token is based on Quorum, a private Ethereum-based blockchain development by JPMorgan that was later acquired by Consensys, Ethereum’s main blockchain developer.

The new vacancies could suggest a renewed focus on JPM coin and blockchain development functions across the bank’s network.

What else: JPMorgan’s blockchain recruitment far surpasses some of the other Wall Street giants that recently announced their entry into crypto.

Bank of New York Mellon Corp. (NYSE: BK), which recently announced the Crypto Custody, had four open blockchain positions Goldman Sachs Group Inc. (NYSE: GS) and Morgan Stanley (NYSE: MS) had two each.

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© 2021 Fintech Fintech Zoom does not offer investment advice. All rights reserved.

JPMorgan Chase – JPMorgan adds 56 blockchain-related jobs with a new focus on JPM coins

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