After four years of claiming cryptocurrencies as a form of ‘fraud’, American investment bank JP Morgan Chase is now reportedly actively hiring more Ethereum and blockchain developers.
The position was advertised on Glassdoor, a U.S. -based employment and recruitment website. The firm is currently looking for ‘developers’ who have the skills to write smart contracts, integrate business applications, and validate cryptographic protocols on the blockchain.
This announcement carries an indication that JP Morgan seems to have changed their principles against crypto after years of claiming bitcoin is a ‘scam’. In 2017, Jamie Dimon, current CEO, said that cryptocurrency assets are "worse than tulip lights." He also added that he would fire any JP Morgan traders who deal using crypto.
The announcement may be a good signal that JP Morgan is finally joining forces with other industry players who are plunging into the crypto industry. The bank said it would be ready to tackle crypto when institutional demand is sufficient.
JP Morgan also supports the narrative of allocating 1% into BTC as a hedge fund. So far almost 78% of all BTCs are being stored or lost and only less than 4 million BTCs remain traded.
Another institution that is expanding crypto investment is Rothschild Investment Corp. based in Chicago. Ethereum crypto is currently trading at an all -time high of $ 2,560 per unit.
