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Banking Giant JPMorgan Looking up to Bring Banking in Metaverse

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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. As noted in 2020, JPMorgan signed up Coinbase and Gemini as its initial customers for cryptocurrency 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.

As noted in 2020, JPMorgan signed up Coinbase and Gemini as its initial customers for cryptocurrency 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.

The bank stated that because there is no industry playbook for these segments, the person in question must feel at ease forging a path, developing frameworks, and collaborating with incredibly fast-moving businesses in an uncertain environment. These areas demand more specialized software knowledge that does not align with front-office financial professionals’ usual training.

The Block revealed in January that 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.

Steve Anderrson
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