J.P Morgan is taking digital currencies very seriously by appointing the head of a fintech based firm in London – Oliver Harris to create a digital currency strategy for the firm, this was revealed on the 18th of May. Oliver Harris who is mapping out the digital currency strategy for the firm will become the head of digital currency strategy for J.P Morgan (a banking giant).
For the last two years, Mr. Harris managed the In-Residence program of J.P Morgan which was focused on seeking and partnering with fintech startups. Harris will now report to Umar Farooq – J.P Morgan’s head of blockchain initiatives. Although the CEO of J.P Morgan – Jamie Dimon, had previously condemned the digital currency industry in September last year. He said that bitcoin is a fraud, and it is worse than tulip bubble.
J.P Morgan Heads Deeper Into the Blockchain and Crypto Space
The new role of Harris as the head of Digital assets strategy of J.P Morgan will involve leading and identifying new digital currency projects for the bank. Harris will also analyze the custody services of digital currency and assess how the bank can take advantage of blockchain technology in their payment business.
According to report, J.P Morgan has experimented the underlying technology of bitcoin- the blockchain – over the past two years. One of the experiments of the bank even led to Quorum – an enterprise-ready contract and distributed ledger platform.
More Financial Institutions Exploring Ways to Enter into the Digital Currency Market
Although J.P Morgan is venturing into the blockchain and digital currency industry, it is not the first top financial institution to do so. Goldman Sachs (a Wall Street banking giant) is even creating a trading platform that will first focus on bitcoin before other digital currencies. The goal of the banking giant – Goldman Sachs is to start trading by the middle of this year, which is in June.