The banking world was shaken the other day when JPMorgan, one of the most respected and traditional banks on the face of the earth, had decided to partake in the Metaverse. This is due to the fact that banks and cryptocurrency had always been seen as black-and-white concepts, where the existence of one contradicts the other. Well, this bold move set the company apart from everyone else, but head of the JPMorgan crypto and metaverse division Christine Moy has announced her resignation from her position.
She wrote a post on LinkedIn which illustrated her achievements at the company during her time, as well as her gratefulness for the people she worked with. Look through it and you’ll see that her will contributed to the bank’s eventual adoption and acceptance of cryptocurrency.
The company had started backing more reliable crypto outlets such as Coinbase and Gemini during the year 2020 due to her advocacies. An official digital currency, JPMCoin, was even given the green light during her term. Eventually, The Onyx by JPMorgan, a specific division dedicated to crypto assets and blockchain technology was co-founded and led by her.
She and her team had conducted a thorough analysis of the upsides a financial giant like JPMorgan can gain in the Metaverse, which is laid out in the piece “Opportunities in the Metaverse.” This move helped convince company stakeholders to put up a virtual booth in Decentraland, which is a parcel of land within the digital space.
In her post, she mentions the reason for her departure as the pursuit of a new opportunity. The post ends with the term #WGMI, a reassuring term often used from one crypto investor to another, especially during difficult times of volatility. It stands for “We Gonna Make It” although some use WA(re)GMI for grammatical purposes.
We can’t give her all the credit for the involvement of JPMorgan in the crypto space though. It’s inevitable that dozens of unnamed individuals also lent a hand to convince such a reputable firm to steer in that direction and to give it a chance. There is also a good chance that these very team members will continue to work on the future of this partnership even in her absence.
Only time will tell if whoever replaces Christine Moy will have the same insights, ambitions, and decisive willpower for the blossoming cryptocurrency space. It’s a place with big winners and big losers, which remains to be contrary to the risk-averse nature of traditional systems. The position she has left open dictates the direction of the forward-thinking Onyx team after all. One thing’s for sure though: her open-eyed approach to technology and innovation will be missed.
We can’t wait for this bright mind’s next revolutionary startup, especially if it involves crypto. We wouldn’t be too shocked if it changed the way we currently perceive digital assets and the Metaverse.
Featured Image courtesy of PYMNTS