JPMorgan currently has a total of 56 open job positions for blockchain technology experts, a record for any company in the space. Late last year, the lender launched its blockchain division called Onyx and it’s now hunting for experts to man the unit.
JPMorgan in Search of DLT Experts
At a time when traditional financial institutions across the globe are increasingly integrating distributed ledger technology (DLT) into their processes, Bitcoin-hating Jamie Dimon’s JPMorgan Chase is now trying its best to be the biggest player in the space.
As seen on its website, the global banking giant currently has a total of 56 vacant positions for blockchain developers in various jurisdictions across the world, including India, Singapore, and the United States.
Earlier in October 2020, BTCManager reported that the Wall Street financial heavyweight had carved out a new business unit dubbed Onyx, whose primary objective is to develop enterprise-grade blockchain applications.
“We are unveiling Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business,” Takis Georgakpoulos, JPMorgan’s wholesale payments head declared at the time.
DLT Adoption on the Rise
Now, the firm is recruiting experienced developers who will undertake the task of building highly scalable solutions interoperable with multiple networks, design and develop solutions that will “bridge new and existing capabilities in the financial ecosystem and JPMorgan’s extensive payment services while also promoting reusability and extensibility.”
While JPMorgan may not be the only financial institution trying to strengthen its blockchain infrastructure, its open positions by far dwarf that of other firms.
In contrast, Bank of New York Mellon (BNY Mellon), a lender with $1.9 trillion in assets under management, has four open blockchain positions, Morgan Stanley has two DLT vacancies, while Goldman Sachs also has just two jobs openings related to blockchain.
Cryptocurrencies and the underlying blockchain technology have proven to be more efficient, faster, and cost-effective for cross-border payments, and more and more lenders and even central banks are now actively exploring the nascent technologies.
Last February, BTCManager informed that the State Bank of India (SBI), an Indian multinational bank established in 1955, has adopted JPMorgan’s Liink blockchain infrastructure for cross-border payments.