JPMorgan Is Losing Top Talent To Web3 Space Despite Bear Market

JPMorgan is losing top talent to the Web3 space despite the bear market as we can see more today in our latest cryptocurrency news.

Even as crypto companies are bleeding workers and are seeing bankruptcy in a brutal market, JPMorgan is losing top talent to the Web3 space. Already three former executives Samir Shah, Puja Samuel, and Eric Wragge left the company. Samuel posted:

“I am thrilled to share that I have started with the Digital Currency Group as Head of Corporate Development. I am excited to help build out new strategic partnerships alongside an energized team that is driving change across the financial system.”

💥JP Morgan lost 3 executives to crypto firms this week. 😂

— Bitcoin Archive (@BitcoinArchive) July 6, 2022

Before joining the Digital currency group, Samuel acted as the Head of Ideation and Digital Innovation at JPMorgan:

“I wish to thank my former colleagues at JP Morgan for an amazing and extremely fulfilling three years and also my former colleagues at Citi, Citi Ventures, and New York Life Ventures for being a part of my professional journey.”

The former managing director at JPMorgan Eric Wragge joined the Web3 space via Algorand and according to the blog posts, Algorand is developing a crypto protocol and the ALGO coin so he will lead the foundation’s investment committee and lead global initiatives as well as other strategic partnerships in both the traditional markets and decentralized finance:

“Coming from a leading global investment bank, I understand the uncompromising performance requirements for a Layer 1 blockchain to compete against and improve upon many aspects of traditional finance.”

Former JPMorgan banker Samir Shah also announced that he left the investment bank to become a chief operating officer at Pantera Capital:

“After 12 fantastic years with JPMorgan, it is bittersweet for me to share that I will [be] starting a new professional chapter. I am thrilled to share that I will be joining Pantera Capital as Chief Operating Officer.”

Before joining Pantera, Shah acted as the head of asset management sales and solutions at JPMorgan.

As recently reported, Shah spent 12 years at JPMorgan as a Global Head of Digital Solutions and now he announced his departure from the financial institution with his next career choice including the investment company focused on crypto, Pantera Capital as the Chief Operating Officer. It’s safe to say that the crypto sector was affected due to the price drops in the biggest assets like Bitcoin. As a result of the panic, plenty of companies in the field decided to make cuts in the workforce, and the leading exchanges Coinbase, ByBit, and Crypto.com.