JP Morgan Chase, an early adopter of Web3 and blockchain has recently advertised for the position of a payments focused worker. The position that will be based on the West Coast requires the new hire to be able to pave a path, to create frameworks and to work with extremely fast moving companies, even with ambiguity. The new business development specialist would work in the bank’s payments group and would have to target new clients in developing industry such as Web3, the metaverse and crypto.
The Wall Street giant is looking to focus its attention on DeFi (decentralized finance) at an institutional level. It has partnered with Singapore based DBS Bank as well as Marketnode, early in 2022, to test the use of tokenized bonds as well as deposits in DeFi liquidity pools. The process of tokenization has imposed strict KYC (Know Your Customer) rules on these DeFi pools,
Earlier in May, JP Morgan Chase had debuted a blockchain collateral system. Tokenized money market fund shares were received on a private blockchain called the Onyx Digital Assets platform from BlackRock inc., which is an asset manager. The WallStreet Bank’s native digital asset the JPM Coin was the collateral that was settled in-house.
JP Morgan Chase has been strengthening its presence in Web3 with different methods that have the same focus of introducing core banking principles and products into the new blockchain ecosystem called Web3. It is looking to amalgamate traditional financial services and products with the speed and convenience that is offered by Web3 blockchain technology.
The bank spent $12 billion to buy land in the metaverse. The virtual real estate was bought on Decentraland. The bank released a metaverse report which said that the average price of a piece of virtual land had doubled from $6,000 in June 2021 to $12,000 in December 2021.
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