The next focus is on payments
JPMorgan is focused on creating its footprint in the web3 space. The company has continued it’s hiring spree for developers and innovators in the web3 ecosystem.
In a new push the company is forging a new path ,the position that is being offered is for a senior web3 position. The tenements of the job include creating new frameworks and working rapidly in the presence of what can only be called ambiguity. The ambiguity can only be from the fact that the exact definition of the metaverse has not been defined fully.
The position requires the individual to focus in on the needs of clients when it comes to web3, crypto, fintech, and the metaverse space. The individual will also need to educate the bank itself on the payments landscape and how JPMorgan can position itself to stand out from all of the other marketplaces.
Institutional grade DeFi is very interesting to the banking company and the appointment comes as the bank begins tokenizing traditional financial instruments. These tokens will be used as collateral in DeFi pools in the future.
In the past a collaboration between JPMorgan ,DBS Bank of Singapore , and Marketnode which used the tokenized bonds and deposits in permissioned DeFi liquidity pools.
A set of strict security processes known as Know-Your-Customer took place during the tokenization process in order to keep everything legitimate and safe from any type of fraud or scams.
This past May, JPMorgan was also responsible for the pioneering of a collateral settlement system laid on the blockchain. The system received tokenized money market fund shares from BlackRock Inc, an asset manager, on a private blockchain -the Onyx Digital Assets Platform. The collateral was then settled in-house using JPM Coin, which is the native digital asset of JPMorgan.
The bank has a strategy when it comes to hiring those in the web3 field. There are a few things that need to be focused on in order to be eligible. The correct candidate will be focused on seamlessly integrating core banking principles and products into the web3 ecosystem. JPMorgan wishes to bring the speed of the blockchain and merge that into its own financial services and offerings.
JPMorgan is very serious about its web3 initiative. The company opened a bank in the Metaverse and spent about $12 billion to do so on Decentraland. The goal of the bank is to become a lending center for those that want to purchase virtual land. The metaverse real estate market could very well become something much bigger than what it currently is and the bank believes in early adoption of the technology. The idea is sound as more and more banks are coming into the fold. DBS purchased a plot of land recently in The Sandbox as well.
Crypto related jobs are booming with more than a 73% spike in the past few months according to LinkedIn. There are currently ten institutions offering crypto-related courses. There are tons of jobs and courses that are not technically related either as some are for management professionals.
The Royal Melbourne Institute of Technology, University of California Berkeley, University of Zurich, the Massachusetts Institute of Technology, Hong Kong Polytechnic University, University College London, Tsinghua University, Chinese University of Hong Kong, Stanford University, and the University of Oxford are all schools that offer course in crypto and the Hong Kong Polytechnic is one of the few to offer postgrad qualifications.
