By
Temitope Olatunji
April 18th, 2024
Per the job description, the specialist would be responsible for lining up new corporate clients for the likes of transactional FX, liquidity and treasury services, escrow, and the rest of the payment products.
JPMorgan Chase & Co (NYSE: JPM), after having Coinbase and Gemini as its first crypto clients in 2020 made a more advanced approach in the industry by becoming the first lender to announce its presence in the metaverse. In February this year, the largest bank in the US launched its lounge in Decentraland. According to a recent job announcement by JPMorgan, it is seeking the service of a new business development specialist.
The potential candidate is expected to have a profound knowledge of how payment works in the “Web3, Crypto, Fintech, & Metaverse industry”. In addition, the candidate is required to have at least five years of financial services experience and the desire to upskill. Consideration would be given to applicants who have a background in “software-as-a-service, semiconductor, or financial technology.”
Per the job description, the specialist hired by JPMorgan Chase would be responsible for lining up new corporate clients for the likes of transactional FX, liquidity and treasury services, escrow, and the rest of the payment products.
“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 amidst ambiguity. These segments require increased technical knowledge around software that does not fit into the traditional training of front-office financial professionals,” stated the bank.
Data from LinkedIn establishes that about 46 applicants with at least a bachelor’s degree have so far applied for the new role.
Earlier this year, JPMorgan established a partnership agreement with Singapore’s DBS Bank and Marketnode as part of its effort to tokenize traditional financial instruments. This is said to be used as collateral in a decentralized finance pool.
Citigroup Inc (NYSE: C) is another heavyweight that has developed a strategic push into the crypto industry. Recently, it was looking for the services of a global head of digital asset risk management. Morgan Stanley Wealth Management (NYSE: MS) also announced that it was looking to hire a product development manager for the firm’s Investment Solutions Product Development team. While such moves bring positive sentiment into the market, Bitwise CEO Hunter Horsley thinks that it does not necessarily mean they are making any entry into the industry.
“Hiring a mid-level person to work on something like this doesn’t guarantee a product comes to market,” he said.
It is important to note that crypto-related jobs have skyrocketed in 2022 with a May report by LinkedIn disclosing a 73% surge.