Wall Street bank JP Morgan is seemingly looking to dive deeper into the Web3 sector. As per a latest job offer posted by the lender on LinkedIn, it is scouting for a ‘Vice President for Payments Business Development’ to lead its technology team. The focus area for the appointee to this role will have a lot to do with exploring crypto, metaverse, and Web3. Technical knowledge of the blockchain network is a skill that JP Morgan has noted for this recruitment.
On a wider scale, the bank with more than 135,000 clients in over 180 countries, is aiming at expanding its financial services. Cryptocurrencies and virtual digital assets have, in recent times, emerged as valuable decentralised possessions of significant values with the sector’s market cap having touched $3 trillion (roughly Rs. 2,38,59,465 crore) last year.
“Identify and win new payments opportunities in the Web3, crypto, fintech, and the metaverse industry subvertical, across treasury services, merchant services, commercial card and trade, especially with clients where we have no or low wallet share,” wrote JP Morgan in the LinkedIn post, outlining key responsibilities for whoever bags the role.
In addition, the person will also be tasked with the responsibility of garnering an overall understanding of the business opportunities that the bank could fit itself in with players of the Web3, crypto, fintech, and metaverse industries.
“Understand industry trends to better determine their requirements and identify potential new business opportunities for JP Morgan Payments via appropriate solution(s); traditional cash management, trade, International, liquidity and commercial card,” the post noted.
The financial mammoth is not compromising on expertise for the suitor for this opportunity. Only people with over five years of experience are eligible to apply for this position.
Back in February 2022, JP Morgan became the first major global bank to mark its entry into the Decentraland metaverse.
In a report released earlier this year, JP Morgan predicted that the economics of the metaverse – or metanomics – will soon swell up to $1 trillion (roughly Rs. 79,55,450 crore) in annual revenue.