According to a Business Insider report on May 17th, JPMorgan Chase, the leading US banking group and financial services company, recently created and filled a new position— the head of Crypto Assets Strategy.
Crypto Assets Strategy
Oliver Harris, 29, will assume this new role and report to Umar Farooq – head of blockchain development. Harris will also lead JPMorgan’s internal blockchain project, Quorum, which was tested by JPMorgan Chase and the National Bank of Canada since last month.
According to the Business Insider report, Harris will identify and lead new encryption projects for the bank, rather than actively trading cryptocurrencies. According to reports, he will investigate encrypted hosting services and how the blockchain will play a role in JPMorgan’s payment business.
Over the past two years, Harris has been leading JP Morgan’s residential project. The project identified and cooperated with FinTech startups and has been reporting strong results.
Normally, the investment bank giant has been skeptical of cryptocurrencies. In February of this year, JP Morgan Chase prohibited its customers from using credit cards to purchase cryptocurrencies.
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It included cryptocurrencies in its “risk factor” section submitted to the Securities and Exchange Commission (SEC) in 2017.
Last year, Jamie Dimon, JPMorgan’s chairman and chief executive, called Bitcoin “fraudulent,” and claimed that he would fire any traders “in a second” for trading in BTC. Dimon soon reversed his position in January, acknowledging that he regretted his previous statement and adopted a cool attitude toward encryption. Dimon said he “has no interest in encryption at all.”
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