JPMorgan lost these three leaders to crypto companies this week despite ‘Crypto Winter’ ⋆ ZyCrypto

JPMorgan Chase & Co., the largest bank in the United States, has witnessed the resignation of three of its top executives this week. In what appears to be a crucial planned emigration, the top managers in the investment bank have secured positions in various companies within the crypto area, despite the current Crypto Winter which has taken a toll on certain units.

Eric Wragge joined the Algorand Foundation after 21 years at JPMorgan

The three leaders all left on separate occasions during a week. The latest to leave JPMorgan is Eric Wragge, co-founder of Rochester Square, who recently served as the bank’s CEO. Wragge left JPMorgan after working for the bank for 21 years, and secured several positions from April 2000.

Wragge’s career path recently led him to the Algorand Foundation where he was named Global Head of Business Development and Capital Markets. His appointment was announced on the official website of the Algorand Foundation on July 5.

Another employee who is leaving the bank is Puja Samuel, who worked at the investment bank for three years as head of ideas and digitalisation. Samuel joined the Connecticut-based venture capital firm Digital Currency Group as a leader in business development.

“I am pleased to help build new strategic partnerships with an energetic team that drives change across the financial system,” she said, expressing her gratitude to her former colleagues at JPMorgan for being a part of of her “professional journey.”

After 12 years in the bank, Samir Shah is the third in the gang to leave JPMorgan. Shah joined the US hedge fund Pantera Capital as Chief Operating Officer. During his 12 years at JPMorgan, Shah secured several positions, the most recent of which was Head of Asset Management Sales.

JPMorgan believes Bitcoin is undervalued

Early last month, JPMorgan expressed a willingness to symbolize US government bonds or money market shares in an attempt to “bring those trillions of dollars of assets into DeFi.” Tyron Lobban, head of Onyx Digital Assets at the bank, revealed this.

Two months ago, despite the bear market lowering its first-born crypto, JPMorgan strategists led by the bank’s Global Market Strategy CEO Nikolaos Panigirtzoglou said they believe Bitcoin is massively undervalued.

Once in May, the investment bank also issued a note to its clients informing them of plans to replace property with cryptocurrencies as a “preferred alternative asset class”. Remember that CEO Jamie Dimon and cryptocurrency critic who once called Bitcoin “useless”, in April confirmed that blockchain and DeFi have valid utility cases.