The mass adoption of cryptocurrencies and blockchain technology was made evident to the public when mainstream institutions ventured into the space and started using it to rebuild their financial structure. JPMorgan, the largest bank in the United States created headlines recently with the launch of its own cryptocurrency, JPM Coin.
Latest reports showed that the bank was hiring for more blockchain jobs than any other firm on Wall Street firm. Sources have also stated that JPMorgan was the only financial firm in the top ten companies posting jobs with the keywords such as ‘blockchain’, ‘cryptocurrency’, or ‘Bitcoin’ since 2018.
Job portal websites have stated that there was a 4,086% increase in the number of job postings related to cryptocurrencies and blockchain technology since 2016. The same report also showed that there was a 553% increase in job searches since 2016.
In an overall spectrum, the only companies to hire for more blockchain-related jobs than JPMorgan were Accenture, KPMG, EY, IBM, Cisco, and Deloitte. Out of the top companies, Deloitte came out on top in terms of blockchain-related jobs. Andrew Flowers, the economist at Indeed.com, a popular job portal, stated:
“It’s notable that there’s a lack of financial and banking companies hiring for something that’s made to replace money.”
JP Morgan was in the news recently when the World Bank said that the bank, along with Ripple, SWIFT, and Circle, was developing innovative cross-border payment solutions. The World Bank released a blog that talked about the remittance market and how companies such as Ripple and JPMorgan were using Distributed Ledger Technology [DLT] to reduce the cost of cross-border transactions to make it more efficient. The blog further added:
“In 2018, Ripple, a FinTech company, piloted xRapid, a DLT-based cross-border payments solution, along the very competitive U.S.-Mexico corridor. Financial institutions involved in the pilot saved 40%-70% in foreign exchange costs, and the average payment times was just over two minutes. The transfer of funds on xRapid took two to three seconds, with most of the processing time explained by domestic payment rails and intermediary digital asset exchanges.”
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