The United States’ largest bank by total assets, JP Morgan, seems to be on a mini hiring drive for its blockchain projects. We noticed that LinkedIn recently listed over 15 different vacancies linked to blockchain, apart from job postings on other sites. The digital push highlights that for some applications, COVID-19 will accelerate the digitization drive.
JP Morgan has set up a new product line called “Coin and Clearing Networks (CCN) ” part of the wholesale payments division. “We are tasked with providing our clients and partners with new age cash management and payments services,” says the job posting.
Last year, JP Morgan introduced the JPM Coin to enable enterprises to settle blockchain transactions instantly. The BIS has classified it as a “wholesale stablecoin”, and it shares one or two features with Fnality’s payments platform. JPM Coin is backed one for one by JP Morgan bank account balances, whereas Fnality currencies will be backed by money held in central bank accounts.
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