Big Banks are Now in the Crypto Space

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It’s no secret that cryptocurrency has recorded its name in the industry and its adoption is continuously increasing. Wall Street has embraced crypto, and the first Bitcoin (BTC) ETF, ProShares Bitcoin Strategy ETF (BITO), started trading last month. Today, many firms are beginning to change their tunes and are becoming bullish on the future of cryptocurrencies, including big banks that are now getting into the crypto space.

Devin Banerjee, LinkedIn’s editor-at-large of business and finance, told Yahoo Finance that “Big banks were the ones kind of hesitant and scratching their heads over [the] adoption of cryptocurrency and the need for crypto talent, but now they’re getting in the game.” No doubt, cryptocurrency is an extremely popular asset class.

Despite JPMorgan Chase CEO Jamie Dimon’s doubts and skepticism about BTC, the bank still offered clients access to half a dozen of crypto funds in July. According to the Linkedin data, the demand for cryptocurrency and blockchain talents is soaring with US job postings rising up to 615% in August, and 40% in the first half of 2021 by major financial firms, compared to the same period last year. Aside from JPMorgan Chase, major financial institutions including Bank of America, Wells Fargo, Capital One, Morgan Stanley, BNY Mellon, Deutsche Bank, Citigroup, Goldman Sachs, UBS, Credit Suisse, and Barclays are also hiring crypto talents for a wide range of roles such as building their blockchain platforms and designing crypto offerings for consumers. Thus, crypto-related jobs are in high demand and are projected to continue as the market progresses.

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