Wall Street’s JPMorgan Expanding its Presence in The Blockchain

• JPMorgan is expanding its presence in the blockchain world.
• JPMorgan wants to hire a payments business development manager.
• The bank became the first to get into the metaverse earlier this year.

JPMorgan, a megabank on Wall Street, is attempting to expand its presence in the blockchain sector. To this end, the payments arm of the company is looking to hire a new business development expert to target new customers across Web3, the metaverse, and cryptocurrency.

The financial institution said in an advertisement it posted on LinkedIn for the position of payments business development manager that it is looking to expand its merchant banking and treasury services business in the Web3, Crypto, Fintech, and Metaverse sector sub-vertical.

The new hire’s primary duty would be to acquire new business customers for a variety of corporate payment services, such as escrow, transactional foreign exchange (FX), liquidity and treasury management.

JP Morgan became the first bank to join the metaverse earlier this year when it opened a lounge in the famous blockchain-based virtual reality Decentraland – one of the world’s most prominent metaverses.

Institutions and enterprises are given the chance to access the metaverse via the use of the bank’s Onyx lounge, the name of which alludes to the suite of permissionless Ethereum-based services offered by JPMorgan.

In conjunction with the launch of the ‘Onyx Lounge,’ the megabank also published a white paper that provided customers with an overview of the whole market potential of the virtual realm, referring to it as “limitless.”

Based on a research by JP Morgan, the economics of the metaverse, also known as metanomics, presents possibilities in almost every industry and has the potential to generate a yearly income of one trillion dollars in USD.