For engineer related roles, the bank requires the understanding and knowledge of Open source blockchain platform, Proof of Stake and “experience with Bitcoin and Ethereum.”
JP Morgan had developed a digital coin called JPM Coin and in 2020 created Onyx, its blockchain business unit. (File Image)
Multinational investment bank JP Morgan is on a hiring spree for its blockchain unit called Onyx. The bank is looking to fill positions including marketing, audit, engineering among others. Cryptocurrency news website The Block said citing LinkedIn posts.
JP Morgan had announced the creation of its own distributed ledger called Quorum in 2016, which was sold to blockchain company Consensys last year. The bank also developed a digital coin called JPM Coin and in 2020 created Onyx.
Onyx has more than 100 employees and its blockchain applications are close to generating revenues for the bank, it had said. Among the division’s applications is Liink, a payments information network involving more than 400 banks, a project to replace paper checks and Internet of Things (IoT) experiments, Umar Farooq, the CEO of JPMorgan’s blockchain business Onyx had said.
For engineer related roles, the bank requires the understanding and knowledge of Open source blockchain platform, Proof of Stake and “experience with Bitcoin and Ethereum.” For its marketing strategy, the bank is looking for a candidate who will be responsible for “responsible for creating, managing and delivering the end-to-end marketing plan for Liink.”
Blockchain, which first emerged as the software underpinning cryptocurrencies, is a shared digital ledger of transactions. Financial companies have invested millions of dollars to find uses for the technology hoping it can reduce costs and simplify more complex IT processes, such as securities settlement or international payments.
But so far, blockchain has yet to have a widespread impact in financial services.
[Input from Reuters]