JPMorgan Hires Former Microsoft Executive Tahreem Kampton to Its Digital Assets-Related Payments Group
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The US multinational investment bank JPMorgan Chase & Co. announced Friday that it has hired former Microsoft executive Tahreem Kampton as the company’s new senior director of payments in the bank’s payments group.
Kampton’s mission is to drive thought leadership that helps the bank grow the future of the payment and digital asset ecosystem, and evolve, thrive and grow its customer base and the payments industry. In particular, he will lead cooperation with key partners in payments, blockchain and the digital ecosystem, for which JPMorgan has already built a strong foundation.
Kampton had worked at Microsoft in various capacities since 1998, rising to the company’s treasurer and chief investment officer in January 2021. He retired from Microsoft earlier this year and had since served on the advisory boards of several other companies.
Kampton commented in a statement: “We see a new landscape where information, assets and value flow seamlessly between the physical, digital and virtual worlds – across borders, in outer space and even in the metaverse.
JPMorgan has been proactive in the crypto industry and blockchain technology for several years. Bank of America has been hiring aggressively to bolster its crypto and blockchain ambitions.
What does this mean for the financial industry?
Cryptocurrencies have become more common as a means of payment among individuals, but banks are also catching up.
In October 2020, Wall Street bank JPMorgan launched its digital currency, called “JPM Coin”, which is used by financial institutions for commercial purposes to send payments around the world.
A week later, JPMorgan launched a new business division dedicated to blockchain technology, Onyx, designed to lead the company’s blockchain and digital currency initiatives, such as exchanging value between different types of digital assets.
Since the launch of the Onyx platform, large institutional clients have used 24/7 global payments.
In December last year, the German industrial group Siemens collaborated with JPMorgan to develop a blockchain-based payment system.
In May this year, BNP Paribas bank joined JPMorgan’s Onyx blockchain as it accelerates digital asset operations.
The aforementioned digital asset developments have helped alleviate some of the pain points in the wholesale payments world, particularly areas where the industry could save hundreds of millions of dollars with a better solution.
JPMorgan was one of the first major US banks to start offering its wealth management clients access to Bitcoin and other cryptocurrency funds.
In July 2021, it became the first US bank to offer access to crypto services to all of its customers to add Bitcoin and other cryptocurrencies to its portfolio.
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