JPMorgan is one of the most famous financial institutions in the world, but that doesn’t seem to be enough to keep all of the executives around. Recently, three of them decided to leave the bank so that they could enter the cryptocurrency industry.
These aren’t low-level workers, either. One of them had 21 years of experience. All of them took high-level positions like COO or head of corporate development. Cryptocurrency may once have been a fringe financial investment, but it’s very clear that major players are getting more involved as it becomes much more common. It will be very interesting to see what the future holds.
One other thing to note is that JPMorgan already has its own division, called Onyx, that is working in the cryptocurrency sector. None of the individuals who left the bank to join other companies had been part of that division.
Replacing traditional financial methods
To describe why he left, one executive said that he was grateful for the time that he had worked at a “leading global investment bank,” and he claimed that would give him useful insight and understanding in this new industry. He also said that he believes that cryptocurrencies can not just compete against traditional types of finance, but that they can “improve upon many aspects.”
It is certainly true that cryptocurrency prices have been dropping as of late, and it’s unclear when that trend may reverse itself. But it could be that some of these executives see this as a good time to get into this investment business on the ground floor, anticipating future growth.
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