JPMorgan Chase has added several new positions related to cryptocurrencies, and will expand its crypto services in the merchant and consumer payments space.
Multinational investment bank JPMorgan Chase is on the lookout for potential employees who have experience in crypto, according to its job postings page. Specifically, it is looking for individuals experienced in the bitcoin and Ethereum markets. Overall, the company has 34 open positions for its crypto department, ranging from product managers to blockchain engineers.
The positions listed give a general sense of the bank’s vision for cryptocurrencies, which is a suite of digital currency services that will fall under its merchant and consumer payments offerings. The positions are based in several countries, which include the United States, Singapore, Greece, and Mexico.
The development is yet another sign of the company’s interest in blockchain technology and cryptocurrencies. The company has changed its tack on the crypto market over the years, and now sees the crypto market as a legitimate asset class.
Its acceptance of the crypto market has reached the point where analysts have given bitcoin a price target of $146,000 in the near to medium-term future, though it expects a correction. Though recently, the company has said that bitcoin’s momentum could falter. It also believes that Ethereum should have better returns than bitcoin in the long run.
By the looks of it, JPMorgan Chase is aiming to build a whole technology platform on the asset class, as multiple software engineering roles will tackle the new product development. It’s also looking for individuals for its legal team to ensure that it meets compliance standards, a major talking point in the market right now.
In recent months, the bank has done a lot to expand its bitcoin and crypto-related offerings. It created a new business unit for blockchain and digital currencies in October 2020. It also announced the JPMCoin, a token meant for internal dealings.
Crypto market reaching a turning point
JPMorgan’s doubling down on crypto services is a sign of the times, with many companies reconsidering their past stance on crypto. The arrival of the likes of PayPal and Visa show that these incumbent companies do not want to miss out on an exciting new technology.
Previously, many had dismissed crypto as just a fad without any true value. But the sudden change has once again proven bitcoin’s staying power. Companies are becoming more eager to take advantage of the technology to remain competitive.
This new development should help broaden the appeal of crypto to the mainstream market, which has been warming up to the industry with the arrival of these big names. It also lends a sense of legitimacy to the market, which makes investing more comfortable for on-the-fence investors.