A former top executive from the bankrupted crypto lender, Celsius, is joining one of the largest mainstream banks. According to his recent update on his LinkedIn profile, Aaron Lovine is joining JPMorgan Chase, a radical turnaround from his previous stint in the crypto space before Celsius went under.
Celsius filed for bankruptcy in July while owing its users an estimated $4.7 billion. The situation was triggered by the sudden fall of crypto prices, especially Bitcoin, and the subsequent collapse of the Terra ecosystem that saw UST stablecoin and Terra Luna lose over 95% of their market value. Aaron Lovine ended his 8-month work life at Celsius in September.
Director Of Crypto Regulatory Policy
Aaron will serve at JPMorgan as the director of crypto regulatory policy. He’ll be in charge of charting a way for the bank to navigate the grey areas in the crypto space and make sure that it remains in good books with the authorities as it seeks to venture into the crypto industry.
The fact that a major bank like JPMorgan is employing crypto experts is a huge step towards fully realising crypto adoption and acceptance among the larger population. Not to mention that the bank has been among the many financial institutions that have been strongly anti-crypto, seeing the new digital asset technology as an existential threat to their long-standing business model. The change of stance could signal a growing admiration and willingness to embrace the new tech.
Jamie Dimon Bashed cryptos As Ponzis
Interestingly, this development comes very short. At the same time, JPMorgan’s CEO, Jamie Dimon took the opportunity to bash cryptos while speaking during a meeting at the Institute of International Finance last week. According to Dimon, cryptocurrencies are a fraud and akin to Ponzi schemes. Now, it would appear that the CEO may have had a change of heart.