Even though it wasn’t long ago when Jamie Dimon said any JPMorgan staff caught trading Bitcoin would be fired, Financial News has revealed that the bank has hired a 29-year-old to be the head of JPMorgan crypto strategy. This comes just two weeks after the bank revealed it had hired Justin Schmit as the new head cryptocurrency trader.
The bank was worried about falling behind its peers when it came to crypto market share and decided to create and fill the role of head of the cryptocurrency strategy, the Financial News has reported. The man tasked with the job is Oliver Harris, a London based executive director who is only 29 years old.
He will not actively trade cryptos, however, his job will entail identifying and leading new crypto projects for the bank. Also, he will be in charge of identifying how the blockchain can improve the bank’s payment systems as well as investigating crypto custody services.
Oliver will be reporting to Umar Farooq, the head of blockchain initiatives at JPMorgan and also lead the banks Quorum project.
The project is an internal Blockchain platform that has been developed by the bank and there are rumors it’s preparing for a spin-off.
Previously, Oliver was in charge of the bank’s ‘In residence program,’ a role he held for two years. The program helps the bank identify and partner with fintech startups that it finds promising.
JPMorgan’s stance on cryptocurrencies seems to be changing with every passing day. Its CEO has been the harshest critique of Bitcoin and other crypto coins but lately, he seems to have gone mute on the subject.
In February, JPMorgan published the ‘Bitcoin Bible,’ a report where the bank acknowledged the benefits of cryptocurrencies and the Blockchain technology.
What do you think of the bank’s decision to hire Oliver Harris as the head of JPMorgan crypto strategy?