United Kingdom’s Lloyds Banking Group is looking to hire a digital currency and innovation senior manager adding to the growing list of lenders venturing into cryptocurrencies.
The lender adds that cryptocurrencies present a potential for incorporation into traditional finance hence the need for personnel to help advance the new venture.
The new personnel will be part of the Payments Liquidity & Settlement team. The branch is responsible for intraday payments liquidity and settlement risk. The unit is part of the bank’s People, Platforms, and Data initiative that has attracted £3bn investment.
“As a business, we must keep pace with this change and explore opportunities in digital currencies that will impact the speed in which payments settle, derive liquidity benefits and support the expansion of payment services for banks. There is also the potential to extend this offering to our customers,” Lloyd said.
Some of the primary responsibilities for the successful candidate will be to promote cutting-edge technologies and identify new strategic opportunities.
According to the bank, the shift towards the cryptocurrency sector is backed by various factors like improving regulatory clarity. Furthermore, the bank states that central banks increased interest in CBDCs is a motivating factor for venturing into digital assets.
More banking venturing into crypto
With the growth of cryptocurrencies in the first half of this year, most institutions invested in the sector. Banks are jostling to establish themselves in the industry by expanding their crypto-related products.
Notably, several leading lenders are aggressively hiring crypto-related experts. In June 2021, JP Morgan announced the expansion of its crypto wing after advertising 34 vacancies for blockchain experts.
Elsewhere the Bank of International Settlements in 2020 also advertised a vacancy for a blockchain engineer.
The entry of leading banking into the crypto sector is giving digital currencies a mainstream appeal. Furthermore, it adds legitimacy to the crypto market.