JPMorgan is Developing its Blockchain Engineering Team
JPMorgan is not new to blockchain. The bank has been operating on distributed ledger technology (DLT) since around 2015. However, it appears to be going deeper into the area in late 2020. In the past few weeks, JPMorgan has unveiled at least 11 new blockchain engineering jobs, which seems a lot since the bank reportedly only had 25 people serving on its Quorum blockchain team in February 2020.
Seven of the new roles are based in the U.S., particularly in Jersey City or New York. Another four are in Bangalore. Various of them are in Singapore. They involve opportunities for a senior blockchain engineer, multiple blockchain developers, a blockchain engineering lead, architects for a newly established product line named ‘Coin and Clearing Networks (CCN).’ Additionally, there are roles in JPMorgan’s ‘Interbank Information Network (IIN),’ a blockchain platform established on Quorum in 2017 to simplify and accelerate payment services. It has over 400 participating banks at the last count.
In February 2020, Quorum – which is a JPMorgan ‘permissioned’ version of the Ethereum blockchain – was said to be merging with Consensys, the Brooklyn-based blockchain start-up established by Ethereum co-founder and onetime Goldman Sachs technologist Joseph Lubin. Although JPM reportedly hired some senior Consensys staff, involving Ramesh Babua, it’s not obvious that a formal association is going ahead.
The cluster of new roles recommends that JPM may instead be concentrating on developing blockchain products inhouse as it develops “the next generation of distributed platforms.” Most roles require working with either Ethereum or Bitcoin, plus at least two years’ experience operating with blockchain security technologies or cryptography products. The team seems to be being built out under Suresh Shetty, head of blockchain engineering at JPM since 2017.