JPMorgan on the hunt for a Web3 expert as it eyes expansion into digital markets

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United States investment bank JPMorgan has announced that it is looking for a business development manager as it eyes a major incursion into the digital space. The bank’s job advertisement notes that the new hire will join the Technology, Media, and Telecom West Coast Team with a focus on companies in North America.

According to the job ad posted on LinkedIn, JPMorgan’s ideal candidate should be knowledgeable in digital assets and emerging trends like distributed ledger technology (DLT). A five-year working relationship in financial services and an understanding of the payment ecosystem form part of the qualifications for the role.

“Identify and win new Payments opportunities in the Web3, Crypto, Fintech, & Metaverse industry sub verticals, across Treasury Services, Merchant Services, Commercial card, and trade, especially with clients where we have no or low wallet share,” read the report.

Gleaning from the job description, JPMorgan is eying increased partnership with Web3 companies. The banking giant already boasts an impressive list of clients in the space, notably providing banking services for Coinbase (NASDAQ: COIN) during its Initial Public Offer in 2021. The investment bank also has Gemini, a leading digital asset exchange, as part of its clients.

“There is no industry playbook for these segments,” JPMorgan stated. “This individual must be comfortable paving a path, creating frameworks, and working with extremely fast-moving companies amongst ambiguity.”

Given the novelty of the role, the potential hire should brace for the challenge of working with software outside the traditional ones used by front-office financial professionals.

In July, three JPMorgan executives left their roles in the bank to take up positions in Web3 companies. Eric Wragge, an ex-managing director with 21 years of experience in the financial institution, left for Algorand as its head of business development and capital markets. Meanwhile, Puja Samuel and Samir Shah step down from their posts to join Digital Currency Group and Pantera Capital, respectively.

The trend of investment banks turning their gaze on Web3

Leading financial institutions are turning their attention to digital asset clients, driven by the industry’s $2 trillion market capitalization. A recent Citi report predicted that the metaverse could be a $10-trillion market by 2030 as firms jostle for a piece of the pie.

Citigroup announced that it was searching for a global head of digital asset risk management, while Morgan Stanley made a similar announcement. Payment platforms like Visa and Mastercard have already dipped both feet into Web3 technologies, unveiling key partnerships in 2019.

Bitwise Chief Executive Officer Hunter Horsley warned that the trend of investment banks’ increasing hiring of digital asset experts does not mean they are going all-in with virtual currency products. Horsley noted that “hiring a mid-level person to work on something like this doesn’t guarantee a product comes to market.”

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