JP Morgan Launches Crypto Currency Strategy

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JP Morgan is taking cryptocurrencies seriously by appointing London-based fintech head Oliver Harris to create a cryptocurrency strategy for the company, revealed on May 18. He will now report to the head of blockchain initiatives at JP Morgan, Umar Farooq. Although Jamie Dimon, JP Morgan’s CEO, had previously condemned the cryptocurrency industry in September 2017, stating that “bitcoin is a fraud” and “bitcoin is worse than the tulip bubble,” he told CNBC in December 2017 that “I’m open-minded to uses of cryptocurrencies if properly controlled and regulated.”.

Harris’s new role as the head of crypto-assets strategy will involve identifying and leading new cryptocurrency projects for JP Morgan. He will also analyze cryptocurrency custody services and assess how JP Morgan can leverage blockchain technology in their payments business. Harris will also work closely with Christine Moy, JP Morgan’s program lead for the Blockchain Center of Excellence.

JP Morgan Launches Cryptocurrency Strategy

JP Morgan is taking cryptocurrencies seriously by appointing London-based fintech head Oliver Harris to create a cryptocurrency strategy for the company, revealed on May 18.

According to Business Insider Australia, Harris, 29, who is drawing out the cryptocurrency strategy, will become the head of cryptoasset strategy for the bank. For the past two years, Harris ran JP Morgan’s In-Residence program which was focused on finding and partnering with fintech startups. He will now report to the head of blockchain initiatives at JP Morgan, Umar Farooq.

Although Jamie Dimon, JP Morgan’s CEO, had previously condemned the cryptocurrency industry in September 2017, stating that “bitcoin is a fraud” and “bitcoin is worse than the tulip bubble,” he told CNBC in December 2017 that “I’m open-minded to uses of cryptocurrencies if properly controlled and regulated.” A Swedish firm then reported him for market abuse, suggesting the JP Morgan CEO was trying to sway markets.

Financial institutions which were once weary and uncertain of the impact of crypto currencies are now exploring various uses of the technology. According to Thomson Reuters, one in five finance firms are planning to be involved with crypto assets in 2018. These firms are also looking to enter the market within the next six months.