JP Morgan’s new job posting indicates that the bank is seeking a bitcoin expert.News revealed a few days ago that banks like JP Morgan might have to start charging a negative interest rate on large deposits. Recently, it was found that JP Morgan is seeking to hire bitcoin experts.A recent job posting by JP Morgan, which is the largest bank in America, featured the challenge facing the Wall Street firms.
It mentioned that they are looking for cutting-edge technologists and explained that the people they need are not really interested to work for them.The posting on their official website was for the job title ‘new product development product delivery manager-Associate/VP.’While the job title ought to grab readers’ attention, the description was even more appealing. The job description said, “You care about disruption and have opinions on the future of banking, the payments system, and how to improve upon our existing financial infrastructure.
You have an opinion on bitcoin and other crypto currencies, and you are probably ambivalent about the prospect of working for a large financial institution.”This is exciting for the bitcoin industry as it hints some kind of future involvement with the crypto currency. In a later section, the very famous bank sounded nearly apologetic about its vast size.The posting read, “Sure, we are part of a large financial services firm operating in a highly-regulated environment, and that means we are not as flexible or agile as your average company – let alone a startup.”The job posting was not only very interesting but also very effective.
It informs that JP Morgan is looking for disruptors. Disruptors should submit their twitter handles along with their resumes.Previous statements and news reports suggest that JP Morgan considered bitcoin as a competition. The bank always said that bitcoin and crypto currencies might succeed one day.
Only a few months ago, CEO of the firm James Dimon said that bitcoin can compete if it conforms to regulations.It accepted in August that it was working on a bitcoin alternative. Its “Web Cash” patent includes an internet pay account, digital wallet and a private lockbox.Now, as the new regulations are causing JP Morgan to discourage users to deposits billions of dollars, they are looking for better ways.
The new financial regulation says, “Any financial firm whose combination of size, leverage, and interconnectedness could pose a threat to financial stability if it failed (Tier 1 FHC) should be subject to robust consolidated supervision and regulation, regardless of whether the firm owns an insured depository institution.”As JP Morgan is the largest bank in terms of assets, it will charge increased fees on the institutional deposits of a particular size. This is because holding these deposits will not be as profitable as before.In such a situation, users can start using bitcoin and own their own bank.
They do not to pay any interest for keeping the value safe. As there is a limited value of the digital currency, recent fluctuations will not matter in the future. The value will ultimately rise.
