JPMorgan looking to hire to push banking products to metaverse and crypto companies

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Wall Street megabank JPMorgan is looking to expand its reach in the crypto market, seeking a new business development specialist in its payments group to target new clients across Web3, Metaverse and Crypto.

The bank – which has provided banking services for crypto exchange Coinbase – noted in a LinkedIn job posting for a payments business development manager that the company wants to expand its business in digital banking services. ‘Business and Cash’ in the Web3, Crypto, Fintech, & Sub-Metaverse Industry Vertical.

The new hire would sit on the bank’s technology, media and telecommunications payments team on the West Coast.

As reported in 2020, JPMorgan took on Coinbase and Gemini as its first crypto exchange clients. Most recently, the company announced in February 2022 that it had opened a branch in the DCG-backed Decentraland metaverse.

According to the job description, the new hire would be responsible for aligning new corporate clients for a wide range of payment products, including transactional foreign exchange, liquidity and treasury services, and escrow.

“There is no industry playbook for these segments. This person must be comfortable leading the way, building executives and working with companies that move extremely quickly through ambiguity,” said the bank. “These segments require increased technical software knowledge that falls outside of the traditional training of front-office finance professionals.”

Elsewhere, Wall Street heavyweight Citigroup was looking to hire a global head of digital asset risk management, signifying its own strategic push into crypto services, as The Block reported in January. In August, Morgan Stanley Wealth Management was looking for a product development manager for the firm’s investment solutions product development team, which is responsible for supporting more than $900 billion in assets under management.

Admittedly, such job openings don’t necessarily mean banks are moving into new crypto opportunities at breakneck speed, as Bitwise CEO Hunter Horsley has previously noted.

“Hiring a mid-level person to work on something like this doesn’t guarantee a product will hit the market,” Horsley said.

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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