JP Morgan Chase have taken other big step into the world of cryptocurrencies. The leading US banking group and financial services firm have recently created a new position as head of crypto-assets strategy.
The position at JP Morgan has been filled by Oliver Harris, who will report to Jp Morgan’s head of blockchain development, Umar Farooq. Oliver Harris who is based in London has been leading JPMorgan’s In Residence program for the last two years, which identifies and partners with fintech startups that the bank finds promising. Harris will also lead JP Morgan’s internal blockchain project Quorum, which began testing last month.
Business Insider first reported this news on 17th May, 2017. According to the report, Harris will be identifying new blockchain based projects for JP Morgan, including crypto custody serve ices and how crypto payment strives may be beneficially integrated into the bank.
Harris will be identifying and spearheading new crypto projects for the bank, rather than actively trading cryptocurrencies. Financial News reports that Harris will look at crypto custody services and how blockchain could work in JPMorgan’s payments business.
JP Morgan as a whole appear to have a negative view on cryptocurrencies. JP Morgan CEO, Jamie Dimon called Bitcoin a ‘Fraud’ in 2017. However, he did later state he regretted this statement. It does look as though their view on cryptocurrencies may be beginning to change which this news.
Daniel Pinto, co-president of JP Morgan, explained his view on cryptocurrencies in an interview with CNBC, claiming that the “tokenization” of the financial system is “real”, with “many central banks looking into” it.
It does definitely appear that the integration of crypto-assets is somewhat inevitable so whether JP Morgan are venturing into the crypto space through want of necessity is irrelevant. The growing world of digital assets is now entering into a phase which can only be deemed as mass adoption so it is no surprise that JP Morgan have made this move.